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Risk-Off Weighs On MXN, June CPI and Minutes Due

MEXICO
  • Risk-off moves continue to negatively impact EMFX. USDMXN at best levels since June 24. The pair needs to get above 20.2153 to alter bearish conditions. Today we will see June CPI figures which have increased importance following Deputy Governor Heath's comments regarding future monetary policy moves and short-term inflation prints retracing nearer to 5%. We will also see the Banxico minutes from the surprise rate hike meeting. As a reminder this was a split decision and markets will be searching for clues as to whether the June decision could be the start of a tightening cycle.
    • - 1200BST/0700ET: June CPI y/y, est. 5.87%, prior 5.89%
    • - 1200BST/0700ET: June CPI m/m, est. 0.52%, prior 0.20%
    • - 1200BST/0700ET: June CPI Core m/m, est. 0.56%, prior 0.53%
    • - 1200BST/0700ET: June Bi-Weekly CPI, est. 0.2%, prior 0.34%
    • - 1200BST/0700ET: June Bi-Weekly CPI y/y, est. 5.74%, prior 6.02%
    • - 1200BST/0700ET: June Bi-Weekly Core CPI, est. 0.18%, prior 0.35%
    • - 1500BST/1000ET: Central Bank Monetary Policy Minutes
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