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Mexico Retail Sales, Chile Growth Data Due

LATAM
  • Mexico June retail sales will kick things off in LatAm on Friday, shortly followed by the release of Chile current account balance and GDP data for the second quarter. There are no US economic data releases on Friday with markets turning their focus to the Jackson Hole Symposium next week.
  • USDCNH has extended its recovery from the overnight lows of 7.2825, following China delivering its strongest ever pushback against a weaker yuan via its daily reference rate for the managed currency, as it seeks to restore confidence to a market spooked by disappointing data and heightened credit risks.
    • Separately, China’s state-owned property developers are also warning of widespread losses, fuelling concerns that the housing crisis is expanding to companies with government backing.
  • Persistent yen weakness would add to political pressure on the Bank of Japan to further loosen its yield curve control framework later this year, MNI understands. The reports come amid a weaker session for USDJPY, extending on late session declines on Thursday back below 146.00.
  • UK published disappointing retail sales figures earlier today but given the volatile nature of the data set, it is unlikely to alter the BOE’s intentions for September.
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