Daily digest market movers: Mexican Peso rises further despite firm US Dollar
- Banxico’s survey showed that economists estimate the Gross Domestic Product (GDP) will end the year 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.
- Some analysts in Mexico estimate the economy might slow down but dodge a recession, according to the National Statistics Agency (INEGI) Coincident Indicator. Despite that, they said reforms pushed by President Andres Manuel Lopez Obrador (AMLO), particularly the judiciary reform, could affect the country’s creditworthiness.
- Mexico’s CPI is expected to rise from 4.69% YoY to 4.84% in June, while core CPI is estimated to dip from 4.21% to 4.15% annually.
- US CPI is foreseen to drop from 3.3% to 3.1% in the 12 months to June, while underlying inflation is projected to stay firm at 3.4% YoY.
- US Dollar Index (DXY), which tracks the value of a basket of six currencies against the American Dollar, stays firm at 104.94, up 0.06%.
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