Daily digest market movers: Mexican Peso recovers ground on judicial reform expected vote
- Mexico’s Inflation in August rose by 4.99% YoY, below estimates of 5.09% and the previous reading of 5.57%. Core Inflation dipped a tenth to 4% YoY.
- Traders expect Banxico to cut interest rates at the upcoming September 26 monetary policy decision.
- Mexico’s economic docket remains light. On Wednesday, September 11, the Senate approved the judiciary reform. Earlier, INEGI will reveal Industrial Production figures.
- September’s Citibanamex Survey showed that Banxico is expected to lower rates to 10.25% in 2024 and to 8.25% in 2025. The USD/MXN exchange rate is forecast to end 2024 at 19.50 and 2025 at 19.85.
- US CPI is expected to dip from 2.9% to 2.6% YoY in August, while core CPI is projected to remain at 3.2%.
- Data from the Chicago Board of Trade (CBOT) suggests the Fed will cut at least 104.5 basis points this year, according to the fed funds rate futures contract for December 2024.
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