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March Unemployment, Trade Due

MEXICO
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  • The Mexican peso is trading modestly weaker against the dollar on Friday, after a volatile session yesterday, which saw the currency gradually recover following earlier intra-day losses. For USDMXN, attention is still on 17.3860, the Jan 17 high, which closely matched yesterday’s high and remains an important reversal trigger. A break, if seen, would be a bullish technical development.
  • On the data front, the unemployment rate is expected to edge up to 2.54% in March, from 2.45% previously (1300BST/0800ET). At the same time, March trade data will be released, with analysts expecting a $450mn surplus, following a $584.7mn deficit in February (1300BST). Separately, Pemex is expected to release its first-quarter earnings report before a conference call at 1700BST(1200ET).
    • March Unemployment Rate NSA, est. 2.54%, prior 2.45%
    • March Revised Trade Balance, est. $450m, prior -$584.7m
  • Meanwhile, the Senate approved the creation of a state-controlled pension fund last night, in a vote with 70 in favour, 43 against and two abstentions. The new fund will complement retirees’ pensions so that they get 100% of their pre-retirement salary.
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  • The Mexican peso is trading modestly weaker against the dollar on Friday, after a volatile session yesterday, which saw the currency gradually recover following earlier intra-day losses. For USDMXN, attention is still on 17.3860, the Jan 17 high, which closely matched yesterday’s high and remains an important reversal trigger. A break, if seen, would be a bullish technical development.
  • On the data front, the unemployment rate is expected to edge up to 2.54% in March, from 2.45% previously (1300BST/0800ET). At the same time, March trade data will be released, with analysts expecting a $450mn surplus, following a $584.7mn deficit in February (1300BST). Separately, Pemex is expected to release its first-quarter earnings report before a conference call at 1700BST(1200ET).
    • March Unemployment Rate NSA, est. 2.54%, prior 2.45%
    • March Revised Trade Balance, est. $450m, prior -$584.7m
  • Meanwhile, the Senate approved the creation of a state-controlled pension fund last night, in a vote with 70 in favour, 43 against and two abstentions. The new fund will complement retirees’ pensions so that they get 100% of their pre-retirement salary.