Banxico projects headline inflation at 3.5% in Q4 2026 and 3.0% in Q4 2027, unchanged from prior forecasts; core inflation also projected at 3.5% in Q4 2026 and 3.0% in Q4 2027, unchanged.

US Dollar: 1. Federal Reserve's Kashkari: Believes it's time to start gradually raising interest rates. He doesn't call for a large rate hike, preferring small steps now rather than waiting. He's open to discussion and doesn't have a strong personal opinion. He doesn't believe there's a fixed number of meetings. 2. Federal Reserve Governor Cook: If inflation doesn't slow, I'm prepared to support rate hikes. 3. Federal Reserve's Daly: Holding rates steady at the July meeting is reasonable; the Fed needs to remain vigilant and prepared to act. 4. US Treasury: Cash balances may peak at approximately $1.05 trillion in October. 5. The US Treasury will maintain its repurchase program at the same pace as last quarter, and will keep the size of Treasury auctions unchanged for at least the next few quarters. 6. According to the Wall Street Journal, Trump has treated Federal Reserve Chairman Warsh as an "external advisor," calling him multiple times to inquire about economic issues. Trump's actions may raise concerns about the Fed's independence. Euro: 1. The Eurozone services PMI rose to 51.7 in July, a five-month high. British Pound Sterling: 1. The final UK PMI reading for July rose to 52.1 from 48.8 in June, marking the first increase since April and exceeding the preliminary reading of 51.8. Japanese Yen: 1. Japanese Finance Minister Satsuki Katayama: He hopes to pay closer attention to market communication. 2. Bank of America: Expects the yen to strengthen after intervention, revising its year-end USD/JPY forecast to 149 from 152 (currently around 157.7). 3. A senior member of Japan's Liberal Democratic Party: Central bank ETF holdings may help fund tax cuts. Other: 1. The Russian Ministry of Finance will increase its foreign exchange asset allocation in August. 2. The MSCI Emerging Markets Currency Index rose to a record high. 3. The Central Bank of Brazil cut interest rates by 25 basis points, in line with market expectations. 4. Sources: Indonesian Central Bank's interim governor, Destri, is a leading candidate for governor.

Citigroup raised its price target for Shopify (SHOP.N) from $150 to $196.