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US CPI Headlines, Mexico Industrial Output & Brazil Services Volume

LATAM
  • US inflation data marks the data highlight of the week for global markets on Wednesday. Consensus puts core CPI inflation at 0.3% M/M in June, expected to slow from a modest beat of 0.44% in May. It’s seen almost entirely coming from used car prices pulling back after two rapid increases. There is no evidence that the downside miss in nonfarm payroll gains last Friday has deterred FOMC participants from signalling their preference to raise rates further this year.
  • On the local calendar, Mexico Manufacturing and Industrial Production is scheduled as well as Brazil Services Volume for May. Colombia consumer confidence for June is also due.
  • An extension of most recent moves in major currency markets with USD/JPY securing a sixth consecutive session of lower lows today, with the losing streak extending through the 50-dma support. This marks the longest streak of lower lows since early November last year - a week or two after the last confirmed Japanese FX intervention on 24th October.
  • Worth noting that the Reserve Bank of New Zealand’s MPC left its official cash rate unchanged today at 5.5%, holding steady for the first time since August 2021 as inflation declines from its peak and the country’s economy slows.
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