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USDMXN Mirroring Moves In Broader Greenback, Q2 GDP Data

MEXICO
  • Despite the extended move higher in US equity benchmarks and a relief rally in the front-end of the Treasuries curve, USDMXN tracks just 1% below its pre-FOMC levels around 20.30.
    • Notable technical breach below the 50-day EMA, however, bullish peso momentum appears lacking amid the lingering risks to global growth.
  • GDP likely rose 1.5% in 2Q from a year earlier with the median surveyed estimate comparing with the central bank’s projection of 1.2% in its June quarterly report. It is consistent with quarter-on-quarter growth rising 0.9% from 1.0% prior.
    • Services should account for most of the quarter-on-quarter advance, in line with waning headwinds from the pandemic and recovering household consumption.
  • 1800BST/1300ET: Finance Ministry to release report on 2Q finances and hold a press conference.
  • Pemex reported a record profit in Q2 of 131.5 billion pesos ($6.45 billion) as international oil prices surged, even though crude output continued to wane.
    • Largely attributed to the price rally in crude, Pemex said it will keep making its own debt payments as it no longer needs the government to do so for the rest of the year.
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