June 28, 2022

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The erratic Mexican peso before domestic and US inflation, Cemex shares boost the stock market

The erratic Mexican peso before domestic and US inflation, Cemex shares boost the stock market

MEXICO CITY (Reuters) – The Mexican peso traded up and down on Monday in a cautious market awaiting domestic inflation data, while figures from the United States could reignite speculation about the country’s monetary policy next steps. .

Meanwhile, the stock market rose, boosted by shares of cement giant Cemex, which jumped from its lowest price in nearly nine months after a $1 trillion infrastructure plan in the United States, one of its key markets.

* The local currency was trading at 20.3375 to the dollar near the end of the session, down 0.05% compared to 20.3170 at the Reuters reference price on Friday. In the session it fell to 20,4230 units.

* US consumer price behavior will be known on Wednesday, and any bullish surprise is likely to reignite rumors of a Fed rate hike.

In the meantime, domestic inflation data will be released on Tuesday. Un sondeo de Reuters mostró que la lectura interanual del indicador se habría acelerado a su mayor nivel en casi cuatro años y la subyacente a su máximo desde 2009, lo que refuerza expectativas de que el banco central subiría porocasi la cuarta interacial refera this week.

* The benchmark Mexican stock index, S&P/BMV IPC, rose 0.53% to 5,2251.49 points, with a trading volume of 201.3 million securities.

Cemex shares rose 10.2% to 14.26 pesos, after falling to their lowest level since February 23 at the end of last week. Its shares were losing after it reported a drop in its third-quarter operating cash flow in late October due to the impact of supply chain disruptions and increases in energy costs.

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* In the debt market, the 10-year bond yield was trading at 7.29%, while the 20-year rate was 7.66%. (Miguel Angel Gutierrez reports)