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Busier Data Week Ahead, Greenback and JPY Under Early Pressure

LATAM
  • After a relatively quiet week in LatAm, event risk for the region picks up this week and kicks off with Mexican bi-weekly CPI and Argentina economic activity data today. Later in the week, highlights include Brazil mid-month IPCA inflation, Mexico GDP and a BanRep decision in which surveyed analysts are evenly split between another 25bp increase and a hold.
  • Despite a steady start to the week, the USD has faded through to the NY crossover, putting the USD lower against most others in G10. Resultingly, the USD Index is south of Friday's lows, with last Monday's 101.531 the next level of support. JPY is the sole currency to underperform the USD so far Monday, with focus resting on the BoJ rate decision later this week - at which they're expected to retain their ultra-easy policy.
  • The quarterly earnings cycle hits a crescendo in the coming week, with 45% of the S&P500’s total market cap set to report. Reports are persistent across the week, but Tuesday is likely the most notable session for the index, as Alphabet, McDonald’s, Microsoft, PepsiCo and Visa are all due.
  • The People’s Bank of China will likely keep policy rates steady over the next one-two quarters as previous easing moves boost credit expansion and real loan rates fall to a record low, despite property markets still requiring policy support, economists and advisors told MNI.
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