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Outlook Remains Bearish


Chinese Media Looks To Placate Equity Worry


(U1) Holding Onto Gains


(U1) Needle Still Points North

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  • USD/MXN little changed on the day, with the pair either side of the 20.3998 200-dma and still holding the bulk of the post-Fed rally. Aggregate supply & demand data came in lower than expected: -2.9% vs. Exp. -2.5%. FinMin Herrara overnight talked through his conversation with US Treas Sec Yellen, describing the talks as "very good, constructive and pleasant". They discussed global minimum tax plans, but Herrara didn't go into further detail.
  • Overnight, the Senate approved provisional measures to pave the way for the privatisation of Eletrobras. The legislation now turns to the Lower House, which is due to vote on the bill by June 22. Today, Bolsonaro attends events in Para, while Econ Minister Guedes meets with the tax secretary Tostes. CB Governor Neto attends videoconferences throughout the day with the Economic Consultative Committee, an IMF representative, the Banco do Brasil CEO and the Industry, Commerce and Services Secretary.
  • Argentina's beef export ban is due to conclude as the original 30-day rule expires. Production Minister Kulfas stated that exports can resume, however there are plans for a scheme that allows a greater quantity of beef in the local market.