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USDMXN Edges Lower, Approaches 100-day Moving Average

MEXICO
  • USDMXN is edging towards most recent lows amid a marginally softer dollar on Tuesday. An intersection of the 100-day moving average as well as a break of 20.0975, would open 19.9368, the September 22 low. Yesterday's disappointing economic activity figures for August have prompted market analysts to downgrade their expectations for Q3 GDP. As a reminder, growth data is due on Friday with the current median estimate at +0.1% Q/q.
  • The head of Mexico's state-owned electricity provider CFE, Manuel Bartlett Diaz, speaks in front of congress, currently scheduled for 5pm Mexico City time.
    • He is due to address lawmakers as they prepare to debate a constitutional amendment to strengthen the utility and guarantee the state a set market share.
  • Additionally, the full senate set to consider 2022 budget proposal
  • 11:30am: Central bank to announce auction results of:
    • 6b pesos of 28-day Cetes, 12b pesos of 91-day Cetes
    • 13b pesos of 175-day Cetes, 7.5b pesos of 357-day Cetes
    • 2b pesos of Bondes F due Oct. 2026, 7b pesos of Mbonos due March 2027
    • 600m udis of inflation-linked bonds due Nov. 2031
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