Mexico’s June mid-month Consumer Price Index rose by 0.21% MoM, above estimates, and expanded by 4.78% annually, unchanged from the previous reading and higher than the 4.70% estimate.
Core inflation rose below estimates of 0.18% MoM, reaching 0.17%. Annually, it was below estimates and the previous reading of 4.17%.
Citibanamex Survey showed that most analysts estimate Banxico’s next rate cut will come at the August 8 meeting and that interest rates will be lowered from 11.00% to 10.25%, up from 10%.
USD/MXN stabilizes following last week’s verbal intervention by Banxico Governor Victoria Rodriguez Ceja, who stated that the central bank is attentive to volatility in the Mexican currency exchange rate and could restore "order" in the markets.
USD/MXN is extending its losses due to a softer US Dollar. The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six other currencies, dropped 0.28% to 105.53.
CME FedWatch Tool shows odds for a 25-basis-point Fed rate cut at 61.1%, up from 59.5% last Friday
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