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Summary – June 21

LATAM
  • In Mexico, April economic activity data will be published, with the market expecting annual growth to rebound to +3.5% y/y, from -1.3%. In the US, focus turns to the prelim June PMI data, with both the manufacturing and services reads expected to fade from May - although stay above the 50.0 level. Following the inflationary impulses evident in yesterday’s Philly Fed, particular market focus may be on the prices paid subcomponents. Canadian retail sales and US existing home sales are also due.
  • Global news:
    • EU (MNI) – The Eurozone June flash PMIs were weaker than expected, with services falling to 52.6, from 53.2, and manufacturing down to 45.6, from 47.3. The report notes that the Eurozone ex-Germany and France continued to grow solidly. Additionally, the inflation stickiness seen in the German report appears to be an outlier, with the rest of the Eurozone joining France in seeing moderations in output charge inflation.
    • CHINA – China’s support for the yuan Friday signalled its desire to manage its decline, as broad strength in the dollar kept the currency close to a policy no-go area. The PBoC set its daily reference rate for the managed currency at 7.1196 per dollar. While the level was slightly weaker than Thursday’s, the difference between the so-called fixing and forecasts was the widest since April.
    • US – Donald Trump raised more money than Joe Biden for the second straight month in this election cycle, but the president’s campaign is still flush with cash as the two prepare to face off next Thursday in the first debate of the general election. Biden and the Democratic Party raised $85mn in May, compared to the $141mn that Trump and the Republican National Committee amassed, according to federal filings and statements from the campaigns.
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