- Mexico’s Aggregate Demand for Q1 2024 rose by 1.5% QoQ, exceeding 2023’s Q4 by 0.4%. In the twelve months to Q2, it expanded 2.6% YoY, above the 2.2% in Q4 2023.
- Private Spending grew 1.5% QoQ in the first quarter of 2024, above the previous 0.9% reading. In the yearly comparison, spending rose by 3.6%, lower than the 5.1% in the previous figures.
- 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.
- Today’s data and the Mexican currency depreciation could deter Banxico from easing policy in 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.
- US Retail Sales for May came at 0.1% MoM, which improved compared to April’s -0.2% plunge but still missed the estimates of 0.2%. Annually based, sales dipped from 2.7% to 2.3%.
- US Industrial Production in May exceeded projections of 0.3%, increasing by 0.9% MoM.
- Last week’s CPI report increased the odds of a Fed rate cut in September from 57% to 62%, according to the CME FedWatch Tool.
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