- Mexico’s data revealed during the week show the economy is decelerating, due in part to higher interest rates set by the Bank of Mexico.
- On Tuesday, the Unemployment Rate ticked close to the 3% threshold, while business activity in the manufacturing sectors shrank.
- The docket will feature Mexico’s automobile industry data on Friday, ahead of next week’s inflation data.
- 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 already depreciated 17.38% year to date (YTD).
- US JOLTS Job Openings in July dropped from June’s 7.910 million downward revision to 7.673 million.
- US Factory Orders for the same period rose sharply from a -3.3% plunge on June 5 to 5% growth.
- US Nonfarm Payrolls in August are expected to grow from 114K to 163K, while the Unemployment Rate is foreseen to tick lower from 4.3% to 4.2%.
- Data from the Chicago Board of Trade (CBOT) suggests the Fed will cut at least 103 basis points this year, up from a day ago’s 96.5 bps, according to the fed funds rate futures contract for December 2024.
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