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Revised Trade Balance, Bloomberg Survey

MEXICO
  • USDMXN has been consolidating below the 20.00 mark ahead of Chair Powell’s speech while EURMXN remains below notable support at 20.05.
    • For USDMXN 19.8193 support has been probed and a clear break would open 19.4136, the May 30 low. Key short-term resistance has been defined at 20.8335, the Aug 3 high with initial firm resistance to watch is at 20.5004, Aug 4 high.
  • National Institute of Statistics, Geography, and Informatics reports revised trade balance for July:
    • MEXICO JULY TRADE DEFICIT $5.959B; EST. -$5.000B (BBG)
  • Mexico raised 75.6 billion yen ($553 million) from the sale of its first Samurai bond tied to the United Nations Sustainable Development Goals, tapping into the rising popularity of investments aimed at improving the environment and society.
  • Pricing details to follow.
  • Cabinet-level U.S. and Mexican officials will meet next month in Mexico City for the second iteration of the High-Level Economic Dialogue since the forum was re-established last year, Mexican Foreign Minister Marcelo Ebrard said this week, as the two countries have embarked on fraught consultations over Mexico’s energy policies.
    • Both Ebrard and President AMLO seemed optimistic the disputes could be resolved without the need for an arbitration panel.
  • Separately, AMLO will visit the states of Chiapas, Veracruz, Estado de Mexico, Nuevo Leon, among others.
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