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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessFinance Ministry May Expand Price Pact, Banxico Survey Due
- Despite the sharp volatility across currency markets on Friday, MXN price action has remained fairly contained with the Peso maintaining a firmer bias across the week, in line with broad losses for the greenback.
- Price has been testing below support at the 50-day EMA – with the average now intersecting at 20.3163, signalling scope for a deeper pullback towards 20.00 initially.
- Mexico’s Finance Minister Rogelio Ramirez de la O met with the business sector Thursday to discuss expanding the pact that limits price increases on certain goods, said Deputy Finance Minister Gabriel Yorio at a press briefing Friday. (Bloomberg)
- Yorio stated the pact has worked to limit prices of 24 frequently purchased goods and that Mexico’s inflation would be 11% if it were not for government measures.
- He added that Mexico gasoline subsidies have a neutral effect on the budget because of crude revenue.
- Released earlier this morning: S&P Global Mexico July Manufacturing PMI 48.5 vs 52.2 in June which is the lowest reading since Feb. 2022. (BBG)
- Output falls to 44.3 vs 50.4 in June - Lowest reading since Jan. 2022
- New orders fall vs prior month - Lowest reading since Jan. 2022
- At 1500BST/1000ET: Central bank to publish its economist survey with outlooks for GDP growth, inflation and foreign exchange rates.
- Additionally, June Remittances data will be published, est. $5b, prior $5.17b.
- July US ISM Manufacturing data takes focus on Monday, with markets expecting activity to slow to 52.0 from 53.0 for the headline. The employment component could take particular focus ahead of this Friday's US payrolls release. There are no major central bank speeches due.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.