CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

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MNI: CANADA JUN INDUSTRIAL PRICES +0.0% MOM; EX-ENERGY +0.1%

MNI: CANADIAN MAY RETAIL SALES -0.8%; SALES EX-AUTOS/PARTS -1.3%

EZ/UK Bond Supply Calendar: Belgium Auction, BoE APF on Monday

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

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Peso Buoyed By Risk On Sentiment, Inflation Report Due Wednesday

MEXICO
  • The Mexican peso has edged moderately higher since the start of the week, together with S&P futures on optimism that a US default will be avoided after a preliminary accord over the weekend.
  • The primary trend direction for USDMXN remains down and a continuation lower would expose the bear trigger at 17.4207, May 15 low. A break of this level would open 17.0507, the Apr 29 2016 low.
  • The domestic focus this week will be on both the central bank’s inflation report, due to be published tomorrow and Thursday’s release of Banxico’s monetary policy meeting minutes. The 2Q23-QIR will contain updated forecasts for growth and headline/core inflation over the relevant horizon for monetary policy.
  • Separately, it is worth noting that at least 10 alleged criminals died in a shooting Monday with security agents in the municipalities of Salinas Victoria and Cienaga de Flores, in the Mexican state of Nuevo Leon, Milenio reported. One police officer was also injured.
  • On Sunday, there will be a governorship election in the State of Mexico, the largest of Mexico’s 32 states. Polls suggest Morena could win by a wide margin, a contest seen by many as a preview of next year's presidential elections, in which the party is also seen as the favourite.
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