Daily digest market movers: Mexican Peso on the backfoot despite market mood improvement
- The Instituto Nacional de Estadistica Geografía e Informatica (INEGI) revealed that Auto Production in July rose 2.7% MoM, down from 3.8% in June. Auto Exports sank from 1.5% in June to -1.6% MoM.
- On Thursday, Mexico’s inflation is expected to rise from 4.98% to 5.57% YoY, while underlying figures are foreseen to dip from 4.13% to 4.02% YoY.
- The US Bureau of Economic Analysis (BEA) featured July’s Balance of Trade, which came at $-73.1 billion, down from $-75 billion, but missed the consensus of $-72.5 billion.
- US Exports and Imports grew from $262 billion to $265.9 billion and from $337 billion to $339 billion, respectively.
- Monday’s ISM Services PMI improvement from July faded fears that the US economy might hit a hard landing instead of a soft landing.
- The CME FedWatch Tool shows the odds of a 50-basis-point interest rate cut by the Fed at the September meeting at 86.5%, up from 74% last Friday.
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