Daily digest market movers: Mexican Peso on defensive amid risk aversion...من hagijeee

21 Jun 2024, 20:38 · Views 74

Mexican Retail Sales are expected to decrease further, estimated at -0.3% MoM, worse than March’s -0.2% contraction. They are expected to jump from -1.7% to 1.5% for the twelve months to April.
USD/MXN stabilizes following last week’s verbal intervention by Banxico Governor Victoria Rodriguez Ceja, who said the central bank is attentive to volatility in the Mexican currency exchange rate and could act to restore “order” in markets.
Wednesday’s data and Mexican currency depreciation could deter Banxico from easing its policy at the next meeting on June 27. A rate cut could weaken the Mexican Peso and expose the USD/MXN year-to-date high at 18.99.
CME FedWatch Tool shows odds for a 25-basis-point rate cut by the Fed stand at 59.5%, down from 62% a day ago.

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