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USDMXN Slips Back Below 20.25 As EMFX Buoyed By Commodities Rebound

MEXICO
  • The week's dollar weakness finally filtered through to USDMXN late yesterday with the pair sliding from 20.30 to 20.20 as the strength in equities and the commodities rebound bolstered risk assets. Additionally, the pronounced rally in BRL may have acted as a further tailwind.
  • Today we will see final readings for second quarter GDP as well as June economic activity figures and Q2 C/A balance date.
  • For the rest of the week, markets will eye the central bank minutes for the August meeting. The accounts will be analysed for further clues on pipeline monetary tightening despite continued split views among governors.
  • Following that, Jackson Hole could spur volatility in financial markets and will be the focus heading into the weekend.
    • 1200BST/0700ET – Mexico Q2 GDP Final (Est. 1.6% q/q)
    • 1200BST/0700ET – Mexico Q2 GDP Final (Est. 19.7% y/y)
    • 1200BST/0700ET – Mexico June Economic Activity (Est. -0.3% m/m, 0.60% Prior)
    • 1200BST/0700ET – Mexico June Economic Activity (Est. 13.8% y/y, 25.14% Prior)
    • 1500BST/1000ET – Mexico Q2 Current Account Balance (Est. $3.8B, -$5.1B Prior)

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