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Retail Sales Miss Forecast, But Hot Inflation Still Argues Case for Tightening

MEXICO
  • Retail sales data for July came in below expectations, with sales dropping 0.4% on the month vs. Exp. +0.2%. Similarly, the Y/Y figure ebbed to +9.9% vs. Exp. +11.7%.
  • In a note released late yesterday, Bank of America argued the case for Mexican equities, writing that the quieter electoral year across 2022 will see Mexican markets perform more favourably relative to the rest of LatAm. BofA also cite the more swift recovery in the Mexican labour market, as well as comfortable debt-to-GDP metrics.
  • MXN trades weaker headed into the Friday session, with USD/MXN within range of the September highs at 20.2039, which become first resistance. The MexBol finished higher by 0.1% Thursday, extending the recovery off the week's lows to just shy of 2%.
  • Banxico governor Diaz de Leon speaks Friday, presenting the new 20-peso bill, but may not comment on monetary policy.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Markets News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Markets News

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