Latin America Economics & Strategy Daily: BCB Focus Survey, Mexico Industrial Production, BCCh Expectation Survey

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Latin America Economics & Strategy Daily: BCB Focus Survey, Mexico Industrial Production, BCCh Expectation Survey

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13 Jul 2026 09:23:28 ET │ 19 pages

Latin America Economics & Strategy

Daily

BCB Focus Survey, Mexico Industrial Production, BCCh Expectation

Survey Ernesto Revilla AC

+1-212-816-2621

ernesto.revilla@citi.com

CITI'S TAKE

Luis E Costa, CFA AC

Today we discuss developments in Brazil, Mexico, Chile, Colombia, Peru and +44-20-7986-9757

Costa Rica. luis.costa@citi.com

Regional Macro — Tensions in the Middle East are driving oil prices higher, adding Esteban Tamayo AC

pressure on stocks, as investors continue to worry about AI (Bloomberg, July 13th). esteban.tamayo@citi.com

This week the global focus will be on US June CPI, to be released on Tuesday. In the AC Leonardo Portoregion, Lula continues to lead in recent polls against Flavio Bolsonaro (Bloomberg,

July 13th). leonardo.porto@citi.com

Paulo Lopes ACLatAm Strategy Trades — We went long BRL against EUR and AUD as the current

macroeconomic backdrop still suggests resilience for high real-yielding EM (link). paulo.lopes@citi.com

We are holding on to our vol adjusted (structurally long USD) long MXN, BRL and AC Thais Ortega

TRY vs CAD, CHF and THB, to capture high yielders carry (link).

thais.ortega@citi.com

Brazil — Lower near term inflation expectations, but not for longer horizons. AC Felipe Juncal

Mexico — Industrial production partially reversed April's strong rebound in May, felipe.juncal@citi.com

with momentum remaining soft. AC Donato Guarino

Chile — The progress of President Kast’s flagship reform reinforces that investment- donato.guarino@citi.com

friendly measures remain viable, but only within the limits imposed by a fragmented AC Ricardo Raul Dessy

Congress and coalition management.