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Preliminary Q2 GDP Due

MEXICO
  • Preliminary GDP figures are likely to show another strong advance in the second quarter amid robust domestic demand. That points to little economic slack. With inflation still above the target, the data may bolster the case that there is limited room for Banxico to consider cutting interest rates. Data is scheduled to be released at 1300BST/0800ET:
    • Q2 GDP SA Q/q, est. 0.6%, prior 1.0%
    • Q2 GDP NSA Y/y, est. 3.2%, prior 3.7%
    • Separately at 1600BST/1100ET: June Net Outstanding Loans, prior 5.64t
  • USDMXN traded lower Friday and in the process breached support at 16.6946, the Jul 18 low. This confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Note that moving average studies are in a bear mode position highlighting a clear downtrend. The break lower opens 16.4472, the 2.0 projection of the Jun 2 - Mar 9 - Mar 20 price swing. Resistance to watch is the 50-day EMA, which intersects at 17.1562.
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