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Q3 Growth Data On The Docket, USDMXN Continues Rise

MEXICO
  • The median survey GDP estimate has crept down, now expected flat for the third quarter. Weaker activity data earlier in the week as well as Banxico Deputy Governor Heath's comments have increased the expectations for a negative print.
  • For reference, the central banker added: "It is still feasible to grow 6% this year, but obviously it is going to be a bit more difficult because of this stagnation". He also reiterated the data dependence for the governing board ahead of the November 11 Banxico decision.
  • Despite broad greenback weakness over the past 24 hours, USDMXN has slowly been climbing, edging away from moving average support, around the Wednesday lows. A stronger recovery would open 20.5975, the Oct 15 high where a break would also improve short-term bullish conditions.
    • 1200BST/0700ET: Mexico Q3 GDP SA QoQ, est. 0.0%, prior 1.5%
    • 1200BST/0700ET: Mexico Q3 GDP NSA YoY, est. 6.0%, prior 19.6%
    • 1700BST/1200ET: Finance ministry officials hold a press conference on the quarterly public finances report.
  • Mexico appointed Jesus de la Fuente Rodriguez president of banking and securities regulator CNBV, according to a Finance Ministry statement.
    • While presenting his plan for the regulator, De la Fuente said the CNBV must improve its efficiency and reduce response times. (BBG)
  • Pemex Chief Executive Officer Octavio Romero told lawmakers Wednesday that the federal government will take over its bond payments, sparking a rally in notes from the beleaguered company. Payments could total $36 billion if the government takes on all the debt coming due by the time AMLO's term expires in September 2024, according to data compiled by Bloomberg.
    • Worth noting, Romero's comments were light on details, and both the Finance Ministry and the president's office have declined to offer any specifics about their intentions or even back up the idea of what Romero said at all. (BBG)
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