Mexican Industrial Production (Jun MM) 0.2% vs. Exp. 0.3% (Prev. -0.8%)

Prints of this size rarely reprice Banxico expectations on their own; the board has historically leaned on the inflation prints and the Fed differential, with activity data feeding in only when a run of consecutive weakness builds. The distinction worth drawing is between the volatile construction component and manufacturing, since the former tends to mean-revert while sustained manufacturing softness is what has previously shifted the easing debate. The follow-ons that matter are the bi-weekly CPI readings and Banxico's own quarterly report, where the growth assessment gets formalised. MXN sensitivity to single activity prints has generally been limited, with the currency trading more off rate differentials and US-facing risk than off domestic data.