Daily digest market mover: Mexican Peso slumps on market mood, US recession fears
- Sour sentiment will likely continue to drive the financial markets. Fears are broadening after Asia stock indices plummeted sharply as fears that the Federal Reserve is behind the curve could trigger a recession.
- This, along with the Bank of Japan (BoJ) laying the ground for higher interest rates as it battles inflation and a reduction of its balance sheet, drained the liquidity of the financial markets, sparking the global stock market sell-off.
- Mexico’s Auto Exports for July are forecasted to remain at 3.3% YoY and Auto Production at 3.8% YoY.
- July’s inflation is expected to remain unchanged at 0.38% MoM and 4.98% YoY. Core inflation is estimated to hit 4.13% annually.
- The US ISM Services PMI expanded by 51.4 in July, above estimates of 51 and up from June’s 48.8 contraction.
- S&P Global Services’ PMI dipped from 55.3 to 55.0, below forecasts for a 56.0 jump.
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