Daily digest market movers: Uptick in Banxico rate cut bets push Peso to six-week highs...من Wulan Viana

05 Mar 2024, 15:30 · Views 104

Mexico’s inflation print due on Thursday is expected to print a continued decline in Mexican price growth, forecast to print at 0.12% for February versus the previous 0.89%.
January’s 0.89% Mexico inflation print was a 22-month high.
This week’s US labor figures kick off with Wednesday’s ADP Employment Change for February, forecast to jump to 150K from the previous 107K.
Fed Chairman Jerome Powell due to testify before the Financial Services Committee about the Semi-Annual Monetary Policy Report on Wednesday and Thursday.
Friday’s February US NFP is expected to fall back to 200K from the previous 353K, and investors will be keeping a close eye on revisions to previous prints.
Tuesday will kick off the US weekly data docket with ISM Services Purchasing Managers Index (PMI) figures for February forecast to tick down to 53.0 from 53.4.
The Mexican Peso typically finds bullish interest heading into the second quarter, according to the Moore Research Center (MRCI).
MRCI: Mexican Peso has closed higher from February 28 to April 4 about 93% of the time over the past 15 years

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