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MEXICO: Volatile Session for MXN, Citi Survey of Economists Due

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • The strong rally for USDJPY on Friday has tilted the USD index into positive territory, assisted by a moderate pullback for equities. Initially, this had a positive impact for USDMXN, which extended to the week’s best levels above, catching a tailwind above a cluster of highs at 19.40. The rally was short-lived however and after a 19.4888 print, the pair has reverted back lower and is now close to unchanged as the US session begins.
  • Mexico’s lower house of Congress approved a proposal by President AMLO to bring the National Guard under the control of the Defense Ministry, according to a text message from the Morena party’s congressional lawmakers. The bill now goes to the senate. Separately, in a social media post, President-Elect Sheinbaum said “there will be no increase in gasoline, diesel, LP gas, or electricity prices in real terms”.
  • Citi releases its latest survey on Mexico economists’ expectations for growth, inflation, monetary policy and the exchange rate. The next tier-one data release will be July retail sales and economic activity on Monday.
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  • The strong rally for USDJPY on Friday has tilted the USD index into positive territory, assisted by a moderate pullback for equities. Initially, this had a positive impact for USDMXN, which extended to the week’s best levels above, catching a tailwind above a cluster of highs at 19.40. The rally was short-lived however and after a 19.4888 print, the pair has reverted back lower and is now close to unchanged as the US session begins.
  • Mexico’s lower house of Congress approved a proposal by President AMLO to bring the National Guard under the control of the Defense Ministry, according to a text message from the Morena party’s congressional lawmakers. The bill now goes to the senate. Separately, in a social media post, President-Elect Sheinbaum said “there will be no increase in gasoline, diesel, LP gas, or electricity prices in real terms”.
  • Citi releases its latest survey on Mexico economists’ expectations for growth, inflation, monetary policy and the exchange rate. The next tier-one data release will be July retail sales and economic activity on Monday.