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March Gross Fixed Investment, Private Consumption Due At 1300BST

MEXICO
  • In an effort to ease market concerns following the weekend’s election, President-Elect Claudia Sheinbaum said Finance Minister Rogelio Ramirez de la O will remain in the position during her government. Despite this, the peso remains under pressure this morning, and USDMXN has risen above the 18.00 level in recent trade, up over 2.3% on the day.
  • Data wise, March gross fixed investment figures will be released at 1300BST(0800ET), with analysts expecting a 0.3% m/m gain, bringing the annual rate of growth down to 3.7% y/y. Private consumption growth is also expected to slow to 0.8% y/y, from 5.3%, while the April leading indicator will also cross at the same time. May domestic vehicle sales are also due.
    • March Gross Fixed Investment NSA YoY, est. 3.7%, prior 12.5%
    • April Leading Indicators (MoM), prior 0.13
    • March Private Consumption YoY, est. 0.8%, prior 5.3%
  • In other news, President Biden is expected to sign an executive order today allowing him to temporarily seal the border with Mexico to migrants when crossings surge, a move that would suspend long-time protections for asylum seekers in the US. The restrictions would kick in once the number of illegal crossings exceeds 2,500 in a day, according to people familiar with the matter.

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