Daily digest market movers: Mexican Peso on the defensive as USD/MXN surges
- Mexico’s Consumer Confidence in September deteriorated from 47.6 to 47.1. Most of the subcomponents dropped, except for the current conditions compared to a year ago. In addition, Mexican households revealed that they would be less likely to purchase durable goods, the data showed.
- According to Banxico’s poll, the central bank is projected to lower rates by 50 bps to 10% for the remainder of 2024. Meanwhile, the USD/MXN exchange rate will end near 19.69.
- Mexico’s economy is projected to grow by 1.45% in 2024, lower than August’s 1.57%.
- On Tuesday, the US economic docket will feature the New York Empire State Manufacturing Index for October, which is expected to drop from 11.3 to 2.3, via estimates.
- Federal Reserve officials, led by the San Francisco Fed’s Mary Daly, Board Governor Adriana Kugler, and Atlanta Fed’s Raphael Bostic, will cross the wires.
- Data from the Chicago Board of Trade via the December fed funds rate futures contract shows investors estimate 49 bps of easing by the Fed toward the end of 2024.
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