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June Trade Data, Pemex Q2 Earnings Expected Today

MEXICO
  • The Mexican peso is trading firmer against the dollar this morning, aided by a fading of the JPY rally. For the first time this week, JPY sits mildly softer against all others in G10 after the sharp rally posted over the past few sessions. USDMXN is currently ~0.8% lower on the day around 18.31, leaving the pair 1.5% higher on the week. Notable resistance for USDMXN remains at 18.5988, the Jun 28 high.
  • On the data front, June trade data are due at 1300BST(0800ET), with analysts expecting the trade surplus to narrow to $663mn, from $1.99bn. Meanwhile, Pemex is due to announce Q2 results, with an earnings call scheduled for 1600BST(1100ET).
    • June Trade Balance, est. $663m, prior $1.99b
  • In other news, the government is looking to import more motor fuel for 2025 than it had previously planned, to compensate for delays in the startup of its new Olmeca refinery, according to Reuters. The purchases for next year signal that the refinery would not be ready any time soon, with the report suggesting that the refinery is unlikely to produce any commercially viable fuels from crude before the end of this year.
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