- Mexico’s Retail Sales for June dived -3.9% YoY, below expectations for a contraction of -1.7%. Every month, sales plunged -0.5%, below estimates of a 0.2% increase.
- Mid-month inflation in August is expected to drop from 5.61% YoY to 5.31%, while core figures are estimated to rise from 4.02% to 4.06%.
- Meanwhile, Mexico’s economy is expected to grow by 2.2% YoY, according to the Gross Domestic Product (GDP) final figures for the second quarter, which is against preliminary readings of 1.65%.
- The USD/MXN is also driven by interest rate differentials between the two countries. Although the spread has narrowed as the Bank of Mexico (Banxico) lowered rates at the August meeting, traders estimate the Fed will cut rates by at least 98 basis points, according to the CBOT fed funds rate December 2024 futures contract.
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