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Presidential Candidate Galvez at Event, US April Inflation Data

MEXICO
  • Opposition presidential candidate Xochitl Galvez will attend the Real Estate Show 2024 in Mexico City today, less than 3 weeks out from the June 02 election. Earlier in the week, candidate Jorge Álvarez Máynez has been attracting attention, with growing speculation he has the ability to notably affect the outcome.
  • According to latest poll trackers, Máynez has 13% of voter intention, and there appears to be increasing calls for him to bow out and throw his support behind Gálvez and significantly narrow the gap to frontrunner, Claudia Sheinbaum.
  • USDMXN holds a very tight range overnight (16.84/16.87) as markets await the plethora of US data which includes April CPI. Separately, Monex will be holding an event on the economic and stock market outlook in Mexico for the second half of 2024.
  • Regarding sovereign issuance at 6:05am local time, Mexico are expected to sell MXN1.7 billion floating IPAB bonds due 2027, MXN1.7 billion floating IPAB bonds due 2029 and MXN1.5 billion floating IPAB bonds due 2031.

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