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Cemex Q1 Earnings Call Due At 1600BST

MEXICO
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  • The Mexican peso continues to trade above the 17.0 level Thursday, despite higher-than-expected bi-weekly CPI data yesterday, which support the case for Banxico to keep interest rates on hold in May. For USDMXN, focus remains on 17.3860, the Jan 17 high, on the upside, which is an important reversal trigger. On the downside, initial support lies at 16.8507, the 20-day EMA.
  • On the data front, the calendar is light today, with attention turning to March unemployment and trade data tomorrow. After that, Q1 GDP numbers are due for release next week, ahead of the May 9 Banxico MPC meeting. Analysts noted yesterday that the recent FX and rate developments and still relatively sticky services inflation do not provide Banxico with enough comfort to cut again next month, especially given more hawkish comments from various Board members recently.
  • In other news, Cemex Q1 controlling interest net income came in at $254mn, beating analyst estimates of $199.9mn. Net sales were $4.1bn, narrowly missing analyst estimates of $4.2bn. The company is due to hold an earnings call at 1600BST(1100ET).
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  • The Mexican peso continues to trade above the 17.0 level Thursday, despite higher-than-expected bi-weekly CPI data yesterday, which support the case for Banxico to keep interest rates on hold in May. For USDMXN, focus remains on 17.3860, the Jan 17 high, on the upside, which is an important reversal trigger. On the downside, initial support lies at 16.8507, the 20-day EMA.
  • On the data front, the calendar is light today, with attention turning to March unemployment and trade data tomorrow. After that, Q1 GDP numbers are due for release next week, ahead of the May 9 Banxico MPC meeting. Analysts noted yesterday that the recent FX and rate developments and still relatively sticky services inflation do not provide Banxico with enough comfort to cut again next month, especially given more hawkish comments from various Board members recently.
  • In other news, Cemex Q1 controlling interest net income came in at $254mn, beating analyst estimates of $199.9mn. Net sales were $4.1bn, narrowly missing analyst estimates of $4.2bn. The company is due to hold an earnings call at 1600BST(1100ET).