TRUDEAU SAYS IT LOOKS LIKE BOC WILL BE LOWERING RATE AGAIN

MNI BRIEF: Canada Commits To Just One Of Three Fiscal Anchors

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MEXICO: President Sheinbaum Announces 12% Minimum Wage Hike

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • Speaking at her second daily press conference today, President Sheinbaum said that she plans to hike the minimum wage by 12% next year and in the coming years until it covers the cost of 2½ food baskets. She added that most businesspeople agreed with the plan. The hike would be less than the 20% increase ordered by former president AMLO for this year.
  • Sheinbaum also said that a programme of cash transfers to women who don’t yet qualify for pensions will cost MXN 23bn next year.
    • USDMXN has unwound gains through Thursday session, with the pair currently just 0.2% higher on the day around 19.45. The move comes as oil prices have gained sharply today after Biden made a remark about potential Israel retaliations on Iranian oil infrastructure.
    • Next key support to watch lies at 19.2323, the 50-day EMA. A clear break of this average would undermine a bullish theme and expose 18.5999, the Aug 16 low.
    • On the data front, August unemployment figures are due tomorrow, before focus turns to Sept CPI and the Banxico minutes next week.
175 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Speaking at her second daily press conference today, President Sheinbaum said that she plans to hike the minimum wage by 12% next year and in the coming years until it covers the cost of 2½ food baskets. She added that most businesspeople agreed with the plan. The hike would be less than the 20% increase ordered by former president AMLO for this year.
  • Sheinbaum also said that a programme of cash transfers to women who don’t yet qualify for pensions will cost MXN 23bn next year.
    • USDMXN has unwound gains through Thursday session, with the pair currently just 0.2% higher on the day around 19.45. The move comes as oil prices have gained sharply today after Biden made a remark about potential Israel retaliations on Iranian oil infrastructure.
    • Next key support to watch lies at 19.2323, the 50-day EMA. A clear break of this average would undermine a bullish theme and expose 18.5999, the Aug 16 low.
    • On the data front, August unemployment figures are due tomorrow, before focus turns to Sept CPI and the Banxico minutes next week.