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July Annual Retail Sales Rise Above Expectation, Press Conference On NAFTA

MEXICO
  • Retail sales in July came in above expectation in annual terms to 5.1% adding to the positive growth revisions in Citi’s latest survey of analysts that was released late on Wednesday. Within the report, Both 2023 and 2024 year-end GDP projections were revised up to 3.20% and 1.90% respectively. Economic activity data for July will be eyed on Friday, as well as Mid-September CPI figures ahead of Banxico next week.
  • Greenback strength in the aftermath of the FOMC decision and press conference has seen USDMXN bounce off 17.00 overnight and the pair is extending session highs in recent trade around 17.15. The current bear cycle still appears to be a correction and trend conditions remain bullish - for now.
  • On Thursday, there will be a press conference on the North America Free Trade Agreement with speakers including Deputy US Trade Representative, Jayme White; Canada’s Deputy Minister for International Trade, Rob Stewart, and Mexico’s Under Secretary of Economy for Foreign Trade, Alejandro Encinas.
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