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Greenback Strength Weighs On MXN, Espinosa Speaks

MEXICO
  • Overall USD strength alongside yesterday’s surging yields continues to limit the Peso’s advance amid broad pressure on LatAm FX on Tuesday. As such, USDMXN has drifted back above 20.00 in response and initial firm resistance to watch is at 20.2944, the Sep 1 high. Clearance of this level would instead signal scope for a stronger short-term bounce.
  • Banxico Deputy Governor Irene Espinosa and its US Ambassador Esteban Moctezuma speak Wednesday at a Mexican stock exchange event in New York.
  • Economy Minister Tatiana Clouthier holds a press conference with Central American trade ministers.
  • Citi published the results of its latest biweekly analysts’ survey:
    • The next rate move to be a 75 bps increase in Sept. 2022.
    • 2022 year-end inflation raised to 8.20% from 8.00%.
    • 2023 year-end inflation raised to 4.71% from 4.68%.
  • Pemex issued a promissory note for MXN5B on Aug. 19 and another one for $11.362M on Aug. 23, the company said in a filing the Securities and Exchange Commission.

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