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MEXICO: USDMXN Tests Support, Citi Economist Survey Due

MEXICO
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  • USDMXN is trading in a tight range at the start of the week, with the pair currently 0.1% lower around 19.26, close to key support at 19.2321, the 50-day EMA, which was pierced on Friday. Below this, the next support is at 19.0666, the Sep 18 low.
  • On the data front, Citi will publish its latest survey of economists today, with forecasts for GDP, inflation and the interest rate outlook. In the previous survey, analysts trimmed their 2024 and 2025 year-end interest rate forecasts by 25bp to 10.0% and 8.0%, respectively. The Labor Secretariat is also due to publish nominal wages and formal job creation data for August this week, possibly today. Besides this, focus this week will be on September CPI inflation data on Wednesday and the Banxico minutes, which will be published on Thursday.
  • Meanwhile, President Sheinbaum will hold her daily press conference at 1400BST(0900ET). This follows talks that she had on Friday with US President Biden, when the pair spoke about the economy, trade and culture.
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  • USDMXN is trading in a tight range at the start of the week, with the pair currently 0.1% lower around 19.26, close to key support at 19.2321, the 50-day EMA, which was pierced on Friday. Below this, the next support is at 19.0666, the Sep 18 low.
  • On the data front, Citi will publish its latest survey of economists today, with forecasts for GDP, inflation and the interest rate outlook. In the previous survey, analysts trimmed their 2024 and 2025 year-end interest rate forecasts by 25bp to 10.0% and 8.0%, respectively. The Labor Secretariat is also due to publish nominal wages and formal job creation data for August this week, possibly today. Besides this, focus this week will be on September CPI inflation data on Wednesday and the Banxico minutes, which will be published on Thursday.
  • Meanwhile, President Sheinbaum will hold her daily press conference at 1400BST(0900ET). This follows talks that she had on Friday with US President Biden, when the pair spoke about the economy, trade and culture.