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Deputy Finance Minister On Nearshoring, MXN Recovers Well

MEXICO
  • Mexico Deputy Finance Minister Gabriel Yorio, speaking in a Georgetown University online conference, said that a labour shortage is expected across sectors due to nearshoring as companies look for land to expand operations. According to Yorio, Tijuana has already reported labour shortages in the construction sector due to high demand for industrial parks. Yorio added that GDP growth this year is expected above 3% due to nearshoring.
  • Despite Monday’s early pop to around 16.90, USDMXN resumed its weakening trend over the second half of the session amid the resumed uptick for equities. Price has consolidated overnight just above the 16.70 mark, having earlier printed a fresh trend low at 16.7001.
  • Bonds from Mexico’s state-owned oil giant Pemex came under pressure on Monday after Fitch Ratings cut the company deeper into junk territory. Fitch cut the credit score on Friday by a notch to B+, saying the company’s oil production won’t grow and that recent accidents have called into question its operational capacity as the debt load mounts.

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