Daily digest market movers: Mexican Peso on the defensive ahead of Banxico
- Data from Mexico, revealed the Unemployment Rate in May was 2.6%, below estimates of 2.7%. The Balance of Trade printed a surplus of $1.99 billion, crushing the consensus projections for a $-2.04 billion deficit.
- Citibanamex survey showed economists priced out fewer rate cuts by the central bank, estimating rates will be lowered to 10.25% in 2024, up from 10.00%. Regarding the USD/MXN, the consensus year-end exchange rate estimate is 18.70, up from 18.00 in the previous report.
- Regarding economic growth, the consensus revised the Gross Domestic Product (GDP) for 2024 downward from 2.2% to 2.1% YoY.
- US GDP for Q1 2024 came at 1.4% higher than the 1.3% in the previous two readings, still trailing last year’s fourth quarter of a 3.4% expansion.
- US Durable Goods Orders in May rose by 0.1% MoM, exceeding forecasts for a -0.1% contraction. At the same time, Initial Jobless Claims dipped from 239K a week ago to 233K, beneath forecasts of 236K.
- CME FedWatch Tool shows odds for a 25-basis-point Fed rate cut at 59.5% up from Wednesday’s 56.3%.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.