Daily digest market movers: Mexican Peso rises further on US Dollar weakness
- Foreign Exchange Reserve in Mexico rose by $223 billion, exceeding April’s $221 billion and reaching an all-time high.
- Banxico’s survey showed that economists estimate the Gross Domestic Product (GDP) to end at 2%, down from 2.1%. They expect Banxico to cut rates from 11.00% to 10.25%, up from 10.00% projected in May.
- On Monday, Banxico Governor Victoria Rodriguez Ceja was dovish, as she said the evolution of disinflation can “allow us to continue discussing downward adjustments in our rate, and I consider that this is what we will be doing in our next monetary policy meetings.”
- Fed Chair Powell said the US economy made significant progress on inflation while adding that the risks of the Fed’s dual mandate are more balanced.
- US jobs data was released earlier, led by the ADP Employment Change, in June, which was 150K, below estimates of 160K and trailing May’s 157K.
- After that, US Initial Jobless Claims for the week ending June 29 were 238K, exceeding estimates of 235K and the prior reading of 234K.
- June’s ISM Services PMI plummeted to recessionary territory, from 53.8 to 48.8, the fastest pace in four years and its weakest since May 2020.
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