Daily digest market movers: Mexican Peso shrugs off soft US data, drops on risk aversion 에서

09 Sep 2024, 19:18 · Views 79

September’s Citibanamex Survey showed that private economists estimated the Mexican economy will grow 1.5% in 202$, down from 1.7%.
Regarding inflation, the poll revealed that the Mexican Consumer Price Index (CPI) in 2024 would end at 4.60%, and next year it will hit 3.8%. Core CPI is forecast to end 2024 at 3.9%, and by 2025 it is expected to dive to 3.71%.
The survey added that Banxico is expected to lower rates to 10.25% in 2024 and to 8.25% in 2025. The USD/MXN exchange rate is forecast to end 2024 at 19.50 and 2025 at 19.85.
INEGI revealed that Mexico’s Auto Exports rose by 1.7% YoY in August after declining 2.7% YoY in July. Auto Production, meanwhile, rose by 8.3% YoY against the 2.7% of July.
US Nonfarm Payrolls jumped by 142K in August but missed the mark of 160K. Should be said that July’s figures were downwardly revised from 114K to 89K.
The Unemployment Rate dipped from 4.3% to 4.2%, while Average Hourly Earnings rose from 3.6% to 3.8% YoY in August.
Data from the Chicago Board of Trade (CBOT) suggests the Fed will cut at least 104 basis points this year, up from 103 bps a day ago, according to the fed funds rate futures contract for December 2024.

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