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March IP, Manufacturing Data Expected At 1300BST

MEXICO
  • March industrial production data are due at 1300BST(0800ET), with consensus for IP to fall by 2.9% y/y, following a 3.3% y/y gain in February. In m/m terms, IP is expected to rise by 0.4%, vs. -0.1% prior. Nominal wages data for April may also cross later. Analysts note that calendar base effects were unfavourable in March, with construction output likely to have been a drag on growth, alongside weak manufacturing output.
    • March Industrial Production SA MoM, est. 0.4%, prior -0.1%
    • March Industrial Production NSA YoY, est. -2.9%, prior 3.3%
    • March Manuf. Production NSA YoY, est. -3.2%, prior 2.3%
  • Following yesterday’s expected decision to stay on hold, Banxico Governor Rodriguez said that the central bank will be weighing interest rate cuts in the coming monetary policy meetings. She said that Banxico will assess inflationary panorama as a whole, noting that inflationary shocks and services inflation have been more persistent than anticipated.

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