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MEXICO: Peso Underperforms Amid Striking Judges, Retail Sales Data Due

MEXICO
  • The Mexican peso underperformed its regional peers on Monday and was unable to capitalise on the extension higher for major equity benchmarks. Judges are continuing a nationwide strike over the administration’s proposed judicial reform, which is likely weighing at the margin.
  • Japanese yen outperformance may have also had an impact here as MXNJPY continued its reversal lower from noted resistance around 8.00. Additionally, BRLMXN is up just shy of 2% on the week and is a notable 8.5% higher from the July lows as markets may be leaning towards divergent monetary policy strategies in the coming months.
  • Mexico is scheduled to post June retail sales data, under the spotlight given the recent weaker-than-expected growth data. Figures are due at 1300BST/0800ET:  
    • June Retail Sales YoY, est. -2.0%, prior 0.3%; MoM, est. 0.2%, prior 0.1%
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