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Q2 Finance Ministry Report, USDMXN Weakness Post-FOMC

MEXICO
  • Broad greenback weakness in the aftermath of the FOMC decision and press conference has underpinned some renewed MXN strength that has seen USDMXN dip to fresh weekly lows around 16.75, narrowing the gap with cycle lows of 16.6946. At 12pm Mexico City Time: Deputy Finance Minister Gabriel Yorio is scheduled to hold a press conference on the country’s financial and economic situation during the second quarter.
  • Mexico will refinance Pemex’s debt since it’s cheaper than if the state oil giant goes to the market itself, according to the company’s Chief Executive Officer Octavio Romero.
    • “Pemex’s debt is the country’s debt, they go together. It doesn’t make any sense that Pemex would give away money to big financial companies, to big banks,” Romero said.
  • Separately, Cemex reports second quarter earnings before market opens. The cement maker is expected to post improved EBITDA and revenue boosted by price increases.
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