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MEXICO: Weakness in Commodities, Softer China Equities Weigh on MXN

MEXICO
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  • USDMXN trades 0.18% in the green at typing, though the pair remains well-contained within yesterday’s ranges. Sustained weakness in Chinese equities amid a lack of major policy support following the Third Plenum and a softer commodities complex (most notable in iron ore and copper slipping To multi-month lows) are among the factors contributing to broader weakness in the emerging markets space. 
  • Citi published the results of a biweekly survey of analysts, in which inflation estimates were raised slightly across the forecast horizon. Highlights below:
    • 2024 year-end inflation raised to 4.40% from 4.30%
    • 2025 year-end inflation raised to 3.85% from 3.80%
    • 2024 GDP cut to 1.90% from 2.00%
    • 2025 GDP cut to 1.50% from 1.70%
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  • USDMXN trades 0.18% in the green at typing, though the pair remains well-contained within yesterday’s ranges. Sustained weakness in Chinese equities amid a lack of major policy support following the Third Plenum and a softer commodities complex (most notable in iron ore and copper slipping To multi-month lows) are among the factors contributing to broader weakness in the emerging markets space. 
  • Citi published the results of a biweekly survey of analysts, in which inflation estimates were raised slightly across the forecast horizon. Highlights below:
    • 2024 year-end inflation raised to 4.40% from 4.30%
    • 2025 year-end inflation raised to 3.85% from 3.80%
    • 2024 GDP cut to 1.90% from 2.00%
    • 2025 GDP cut to 1.50% from 1.70%