The peso fell this Tuesday, while investors await economic data in Mexico and the United States, especially on inflation, while the Mexican Stock Exchange (BMV) fell, also infected by the external bad mood.
This week, inflation figures will be released in Mexico and the United States, which will shed light on the path of monetary policy.
For Mexico, inflation at an annual rate is expected to have continued to moderate in September, according to a Reuters poll, favoring the case for the central bank to continue cutting its key interest rate. The markets expect a reduction of 25 basis points by Banco de México in November.
Meanwhile, operators have adjusted their bets on reductions in the cost of credit by the United States Federal Reserve.
Lee: Banxico will ‘scissor’ its rate again in November: survey
*After solid employment data and comments from Fed authorities, now the greatest probability is of a reduction of 25 basis points, completely ruling out a 50 bp reduction, and some are even betting that there will be a maintenance of interest rates .
The peso was trading at 19.3450 per dollar in the afternoon, down 0.39% compared to the Reuters reference price on Monday.
“Towards overnight, we anticipate a range between $19.30 and $19.42, considering the current consolidation pause, waiting for local inflation data tomorrow,” the Monex brokerage said in a report.
Stock market loses 0.52%
Meanwhile, the benchmark S&P/BMV IPC stock index preliminarily fell 0.52% to 51,767.50 points.
“The risk is that it will go down to test the lows of the previous week at 51,500 and in fact that it will extend the fall to the lows of the year near 50,800 points,” said Georgina Muñiz, technical analyst at VectorAnálisis.
“For now, and with the signals from the weekly indicators, the probable scenario is that the decline is the validation of a floor and then shows an interesting recovery, although due to the conditions of external volatility we must not lose sight of the mentioned extreme of decline. ”he added.
China disappointed investors by not delivering a bigger stimulus boost to its economy, following comments from a local official about measures taken to boost activity that were almost as close as anticipated.
The securities of the industrial conglomerate Alfa led the decline, with a decrease of 4.43% to 15.25 pesos.
In the debt market, the 10-year bond yield rose to 9.560% from the previous 9.55%, while the 20-year rate rose to 9.920% from the previous 9.884%.
With information from Reuters
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