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EU & Mexico To Sign Off On Updated Trade Agreement

MEXICO
  • USDMXN has risen in line with the firmer dollar since the open, grinding back above the 20.00 mark to 20.10 as of writing. Initial firm resistance to watch is at 20.2668, Aug 19 high.
  • Finance Minister Rogelio Ramirez de la O has told Bloomberg that the nation’s finances are feeling the pressure from increased funding costs at several large infrastructure projects promoted by President AMLO as completion deadlines cluster together toward the end of his term.
    • However, the government has room to manoeuvre and will not raise its debt to GDP ratio above a range of 50% to 51% in the 2023 budget, the finance minister told Bloomberg News in an interview.
    • Today, the debt-to-GDP figure stands at 48.9%. Higher-than-expected tax revenue and falling fuel subsidy costs amid a drop in gasoline prices are helping, he said. (BBG)
  • Mexico expects the European Union to sign off on an updated trade agreement later this year, Reuters reported, citing Mexican Foreign Minister Marcelo Ebrard.
    • Speaking to Mexican lawmakers, Ebrard said that concluding the process would depend on the EU, and that European officials had informed Mexico this would likely occur in 2022.
    • The EU and Mexico in 2018 reached an agreement in principle on updating their joint trade deal, however, the process had been delayed partly by the coronavirus pandemic.
  • Today, Comision Federal de Electricidad affiliate CFEnergia and TC Energy will hold joint press conference on strategic alliance at 5:30pm. Speakers include CFE chief Manuel Bartlett.
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