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MEXICO: October Retail Sales Data Due, Banxico Decision Thursday

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • Despite the broader weakness for regional counterparts, notably BRL and CLP, the Mexican peso is trading with relative resiliency. USDMXN continues to pressure the 20.10 mark, which has so far capped further peso gains. The 50-day EMA resides just below here at 20.0738, bolstering the significance of this support area. A clear breach of this average would undermine the bullish theme and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low.
  • Mexico’s statistics agency INEGI will publish data on retail sales, as well as figures on gold, silver and copper output for October. This will be the final tier-one data release before Banxico’s decision on Thursday and figures are due at 1200GMT/0700ET:
    • Oct. Retail Sales M/m, est. 0.2%, prior 0.1%
    • Oct. Retail Sales Y/y, est. -1.0%, prior -1.5%
  • Separately, Mexico is to sell the following:
    • MXN15.5b 2028 Mbono bonds, MXN1.15b of 2054 inflation-linked UDI bonds
    • MXN5.5b of 28-day CETES, MXN5.5b of 91-day CETES, MXN9b of 175-day CETES, MXN10b of 707-day CETES
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  • Despite the broader weakness for regional counterparts, notably BRL and CLP, the Mexican peso is trading with relative resiliency. USDMXN continues to pressure the 20.10 mark, which has so far capped further peso gains. The 50-day EMA resides just below here at 20.0738, bolstering the significance of this support area. A clear breach of this average would undermine the bullish theme and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low.
  • Mexico’s statistics agency INEGI will publish data on retail sales, as well as figures on gold, silver and copper output for October. This will be the final tier-one data release before Banxico’s decision on Thursday and figures are due at 1200GMT/0700ET:
    • Oct. Retail Sales M/m, est. 0.2%, prior 0.1%
    • Oct. Retail Sales Y/y, est. -1.0%, prior -1.5%
  • Separately, Mexico is to sell the following:
    • MXN15.5b 2028 Mbono bonds, MXN1.15b of 2054 inflation-linked UDI bonds
    • MXN5.5b of 28-day CETES, MXN5.5b of 91-day CETES, MXN9b of 175-day CETES, MXN10b of 707-day CETES