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Net Outstanding Loans Due At 1600BST

MEXICO
  • The Mexican peso has unwound most of its earlier losses against the dollar today, prompted by the post-BoJ rally in the yen. Given the yen is one of the main funding currencies for carry trades in Latam, its rally over the past few weeks has led to a substantial retreat from bullish positions in the region. USDMXN is currently ~0.1% higher on the day around 18.78, having traded as high as 18.9439 in earlier trade, its highest level since June 12. Sights remain on key resistance and the bull trigger at 18.9929, the Jun 12 high.
  • Data wise today, net outstanding loans for June is due at 1600BST(1100ET). After that, focus will turn to the FOMC interest rate decision at 1900BST(1400ET), with markets watching for any signal from the FOMC that the Fed is closing in on a potential September rate cut.
  • In other news, Pemex and the STPRM union agreed to a 5% wage increase for 2024-2025, according to a company statement. Both parties agreed to a 2% increase in employee benefits. The wage increase goes into effect August 1 and lasts through July 31, 2025.

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