July 10, 2024 11:08 GMT
MEXICO: Inflation Data & Heath Remarks Further Bolster Peso
MEXICO
- Higher-than-expected headline CPI data on Tuesday has provided a further boost to the peso recovery. The worrisome nature of the readings were highlighted by Banxico Deputy Governor Heath describing the release as very concerning and may bolster the likelihood of another rate hold on August 08. Underpinned by attractive carry, this has allowed USDMXN to extend the reversal lower, briefly printing as lows as 17.7790 ahead of the NY crossover. 17.7478 is immediate support, the 50-day EMA.
- Mexican President-elect Claudia Sheinbaum announced Tuesday she will create a business advisory council aimed at boosting private investment and encouraging foreign companies to set up operations in the country, Reforma reported. Additionally, Sheinbaum will hold a press conference at her transition headquarters in Mexico City at 11am local time, according to a text message sent by her office.
- In other news, Mexico will hold calls with fixed-income investors on Wednesday in a non-deal roadshow on the country’s bond framework related to sustainable development goals.
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