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MXN Steady Ahead Of FOMC, Bi-Weekly CPI Due Tomorrow

MEXICO
  • USDMXN suitably steady in the lead up to the FOMC, hovering just below 20.10. The pair finds itself between the bull trigger at 20.2039 and first support of 19.9985 (the 100-dma).
    • No domestic data scheduled for today with the main focus on Bi-weekly CPI tomorrow, the final inflation data before Banxico's September meeting next week. Annual headline CPI is expected to rise to 5.72% from a prior reading of 5.6%.
  • Local News:
  • *Mexico's government is considering using the $7 billion of international reserves it bought from the central bank this month for purposes other than prepaying debt of Pemex, according to three people with knowledge of the matter. (BBG)
    • Two said Mexico bought the dollars to make upcoming sovereign debt payments. A third said that while the funds may be used to buy back Pemex debt in the end, there are other possibilities currently under analysis, without elaborating.
  • *Mexico has cancelled fuel-import permits awarded to commodities trader Trafigura Group in a crackdown of alleged corruption among companies that compete with state-owned oil producer Pemex (BBG)
  • *Reports overnight suggested the U.K. is exploring joining the existing USMCA free-trade agreement according to a person familiar with the nation's thinking said, a recognition the Biden administration won't start negotiations on a bespoke bi-lateral deal with the UK any time soon. (BBG)
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EM BulletHomepageCommodities Market NewsTopicsBulletEmerging Market News

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