- Mexico’s data revealed during the week show the economy is slowing due to higher interest rates set by the Bank of Mexico.
- Most banks expect the Bank of Mexico (Banxico) to reduce rates by at least 50 basis points (bps) for the remainder of 2024. This would pressure the Mexican currency, which has depreciated 17.38% year to date.
- US ADP Employment Change for August dipped from 111K to 99K, missing estimates of 145K. Contrarily, Initial Jobless Claims for the week ending August 31 slid from 232K to 227K, lower than the 230K expected.
- ISM Services PMI for August was better than projections, increasing by 51.5 from 51.4 in July, above the consensus for a 51.1 drop.
- US Nonfarm Payrolls in August are expected to grow from 114K to 163K, while the Unemployment Rate is foreseen ticking lower from 4.3% to 4.2%.
- Data from the Chicago Board of Trade (CBOT) suggests the Fed will cut at least 104 basis points this year, up from a day ago’s 103 bps, according to the fed funds rate futures contract for December 2024.
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