Daily digest market movers: Mexican Peso ignores mixed data to advance... dari hagijeee

04 Oct 2024, 16:56 · Views 173

Mexico’s Business Confidence in September rose by 51.9, lower than August’s 53.1, its lowest reading since January 2023.
Gross Fixed Investment in July expanded by 1.8% MoM, up from -1% contraction the previous month. From 12 months to July, it recovered from a 1.3% shrinkage and climbed 6.4%.
Mexico’s business activity in the manufacturing sector contracted, according to S&P Global. The September Manufacturing PMI dipped from 48.50 to 47.30, highlighting the ongoing economic slowdown.
ADP National Employment Change in September came in at 143K, up from the upwardly revised 103K the previous month and exceeding forecasts of 120K.
According to the swaps markets, Banxico is expected to lower borrowing costs by 175 bps by the end of 2025.
Market participants have put the odds of a 25 bps cut at 63.8%. According to the CME FedWatch Tool, the chances for a larger 50 bps cut diminished to 36.2%.

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