- The USD/MXN remains adrift to political turmoil in Mexico after the approval of the controversial judiciary reform. Eight of the eleven Supreme Court judges announced their resignation effectively in August 2025.
- Meanwhile, remittances in Mexico posted their largest drop in eleven years in September, down 4.6% compared to the same month a year ago, via Bank of Mexico. Remittances reached $5.36 billion, less than the $5.62 billion recorded in the same month last year.
- Mexico’s Business Confidence in October improved from 52.1 to 52.3. S&P Global revealed that Manufacturing PMI for the same period stood at contractionary territory, despite improving. The index moved up from 47.30 to 48.4.
- The US Bureau of Labor Statistics (BLS) reported that Nonfarm Payrolls in October were impacted by strong hurricanes and union strikes. The US economy added only 12K jobs, well below the estimated 113 K. Despite this, the unemployment rate remained steady at 4.1%, as traders await additional economic data.
- The Institute for Supply Management (ISM) reported that manufacturing activity declined for the seventh consecutive month, reaching its lowest level since July 2023. The ISM Manufacturing PMI dropped from 47.2 to 46.5, missing forecasts of 47.6.
- Data from the Chicago Board of Trade, via the December fed funds rate futures contract, shows investors estimate 49 bps of Fed easing by the end of the year.
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