MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

Collective Wages Continue To Tick Higher

Q1 Sectoral Accounts Suggest Solid Real Income Gains

Services Behind Slight Fall In July ISTAT Business Confidence

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Moody’s Cut Mexico Credit Rating, AMLO Travels To Washington

MEXICO
  • Mexico’s long-term foreign debt rating was downgraded by Moody’s on Friday to Baa2, the second-lowest investment grade score, from Baa1, and the country’s outlook was revised to stable from negative.
    • “The economic scarring that took place during the pandemic will not be reversed and, consequently, there will be a persistent gap between the pre-pandemic trend level for GDP and current estimates for 2022-24,” the company said in a statement.
    • “The rating downgrade was driven by economic and fiscal trends that Moody’s expects to continue to gradually – but persistently – undermine Mexico’s overall credit profile.”
  • Renewed greenback strength overnight highlights the continued bullish tone for USDMXN. Attention remains on resistance at 20.7014, the Jun 16 high. Despite the level being breached for a brief period last Wednesday, it is an important short-term hurdle and a clear break would strengthen bullish conditions.
  • President AMLO is scheduled to visit Washington on Tuesday to meet with President Joe Biden, a month after López Obrador snubbed Biden’s invitation to the Summit of the Americas in Los Angeles.
    • The meeting comes amid recent political turmoil at the border. AMLO has condemned Texas Governor Greg Abbott’s plan to use the National Guard and state police to detain border crossers as a political stunt.
    • “It is not his legal responsibility to make that decision, it is something that corresponds to the federal government in the United States,” Lopez Obrador said Friday at his morning press briefing.
  • Regarding the meeting with President Biden, AMLO added that “we have to look for a way to act together, help each other in controlling inflation. That is a topic I am going to propose. We have a plan.”
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

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.