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USDMXN Approaches Resistance At Mid-August Highs, Banxico QIR Scheduled

MEXICO
  • The firmer greenback and softer equity outlook has weighed on the Mexican peso over the past 24 hours and USDMXN has narrowed the gap with initial firm resistance at 20.2668, Aug 19 high.
    • Above here, key short-term resistance has been defined at 20.8335, the Aug 3 high.
  • Today, Banxico will release its inflation report for Q3 which will contain updated forecasts for growth and headline/core inflation over the relevant horizon for monetary policy. While the inflation forecasts will show a deterioration from the previous report in Q2, they should maintain the predicted convergence to the 3.0% target in the first quarter of 2024, as set out in the most recent Banxico statement. The report will be issued at 1830BST/1330ET.
  • 1500BST/1000ET: Banxico releases information on net outstanding loans for July. The prior reading was 5.12T.
  • Overnight news:
  • Mexico Reports 254.2b Peso Jan.-July Budget Deficit. Total revenue for January to June rose 5.3% in real terms from the year prior, according to Finance Ministry data.
    • Tax revenue increased 1%
    • Oil revenue increased 39.3% with July oil revenue increasing by 91.8%.
  • Mexico’s Comision Federal de Electricidad affiliate CFEnergia and TC Energy started a “strategic alliance” that will allow to develop a new gas pipeline to improve distribution in the south of the country, according to a statement. (BBG)
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