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Economic Activity Scheduled, USDMXN Dips

MEXICO
  • Downward pressure on the greenback has prompted a small extension of Friday’s more bearish USDMXN price action. As such, the pair is off roughly half a percent and has narrowed the gap with the nearest notable support at 20.3058.
  • Friday’s inflation data (both headline and core CPI) came in marginally above surveyed median estimates, potentially adding an additional, albeit small, tailwind to the Peso as the central bank will look to continue with its more aggressive 75bp pace of tightening in August.
  • Economic activity data this morning will act as a precursor to Friday’s second quarter GDP data where seasonally adjusted growth of 0.9% Q/q is expected.
    • 1200BST/0700ET - May Economic Activity IGAE YoY, est. 1.69%, prior 1.34%
  • Mexico’s steep fuel subsidies will be close to $24 billion this year, but revenue from higher oil prices will cover the rising price tag, according to President AMLO.
    • Lopez Obrador gave his forecast at his daily press briefing on Friday, where he launched into his often-repeated boast about Mexican fuel prices rising less than in the US.
  • The strike of Telmex workers that started on Thursday was halted on Friday and the company resume normal operations, according to a statement sent by Telmex, the telephone operators union and Mexico’s Labor ministry. (BBG)
    • Parties to install a technical round-table with representatives of the company and the union to present in 20 days proposals to solve the labor dispute.
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