Daily digest market movers: Mexican Peso undermined by wider deficit
- Mexico’s Balance of Trade in June was $-1.073 billion, missing the consensus of $1 billion.
- According to Citi Research, analysts now estimate that annual inflation will end at 4.30%, up from the previous forecast of 4.20%, with core inflation expected to finish 2024 at 4.0%. Mexico's economic growth is projected to slow with an expected growth rate of 1.9%, down from 2.0% in the last poll.
- Last week’s US inflation data suggested that progress toward lowering it to 2% continues, yet it seems stickier than expected after June’s Core PCE figures were above estimates in monthly and yearly figures.
- USD/MXN traders are awaiting the release of JOLTs Job Openings for June, ahead of the ADP Employment Change and FOMC’s decision on Wednesday.
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