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Mexico’s mid-month inflation data showed a split trend in November. Core CPI rose 0.04%, below expectations of 0.06% and sharply lower than the previous 0.18%, signaling continued easing in underlying price pressures. Meanwhile, headline CPI accelerated more than expected, rising 0.47% versus 0.42% forecast and up from 0.28% previously, driven mainly by seasonal and energy-related components.

Market impact: Mixed for MXN; softer core inflation supports the case for future easing, while stronger headline CPI may limit near-term policy flexibility.

Brazil’s FGV Consumer Confidence Index rose to 89.8 in November, up from 88.5 previously. The improvement signals a modest pickup in household sentiment, supported by slightly better income expectations and easing inflation pressures.

Market impact: Mildly positive for BRL; improving confidence supports a steadier domestic demand outlook.

Turkey’s latest data painted a stable picture for the industrial sector. Capacity Utilization in November ticked up slightly to 74.4% from 74.2%, suggesting marginal improvement in operational activity. Manufacturing Confidence remained unchanged at 100.8, indicating steady sentiment among producers with no major shift in outlook.

Market impact: Neutral for TRY; data shows steady industrial footing without strong directional pressures.

South Africa’s manufacturing production declined 0.5% month-on-month in September, reversing a 0.7% gain in August. On a yearly basis, output rose slightly by 0.3%, marking a modest improvement from the prior -1.5%. The data suggests that industrial activity remains subdued, constrained by power shortages, weak demand, and cost pressures.

Market impact: Mildly negative for ZAR; weak manufacturing performance highlights ongoing structural challenges that could weigh on growth prospects.

Mexico’s GDP contracted in the third quarter, highlighting a weakening economic backdrop. Output fell 0.1% YoY, slightly better than expectations of –0.2%, but marking a downturn from the prior 0.0% reading. On a quarterly basis, GDP declined 0.3% QoQ, matching the previous –0.3% and below the expected –0.1%, confirming that growth has entered negative territory.

The data underscores broad-based softness across industry and services, weighed down by tighter financial conditions and cooling domestic demand.

Market impact: Mildly negative for MXN; back-to-back quarterly contraction pressures sentiment toward Mexico’s economic outlook.

Mexico’s economic activity lost momentum in September. Activity rose 0.7% YoY, slightly below expectations of 0.8%, though much better than the prior –0.5% contraction. On a monthly basis, activity fell 0.6% MoM, deeper than the expected –0.3% and reversing the previous 0.4% gain.

The data points to cooling momentum in both industry and services, reflecting softer domestic demand and external headwinds.

Market impact: Mildly negative for MXN; weaker monthly activity raises concerns over near-term growth.

India’s FX reserves increased to $692.58B, up from $687.03B previously, marking a continued strengthening of the country’s external buffers. The rise reflects steady capital inflows and active reserve accumulation by the Reserve Bank of India amid stable market conditions.

Market impact: Mildly positive for INR; stronger reserves enhance currency stability and improve India’s external resilience.

South Africa’s central bank delivered a rate cut in November, lowering the benchmark interest rate to 6.75%, down from 7.00%, in line with expectations. The Prime Rate also declined to 10.25% from 10.50%.

The move signals the SARB’s growing confidence that inflation is easing and moving closer to target. Policymakers appear to be prioritizing economic support as growth remains weak, and consumer conditions are fragile.

Market impact: Mildly negative for ZAR; a rate cut reduces yield appeal but may support domestic activity.

Turkey’s gross foreign exchange reserves fell to $80.04B, down from $81.99B, indicating a modest drawdown in the central bank’s FX stockpile. Net FX reserves also edged lower to 72.17% from 73.24%, reflecting continued external funding pressures and active market interventions.

Despite the decline, reserve levels remain relatively stable, though vulnerabilities persist amid elevated import bills and ongoing currency volatility.

Market impact: Mildly negative for TRY; softer reserves hint at ongoing balance-of-payments pressures.

Turkey’s consumer confidence index improved to 85.0 in November, up from 83.6 previously. The increase reflects slightly firmer sentiment among households despite ongoing inflation pressures and tight financial conditions. Confidence, however, remains below the neutral 100 mark, indicating continued caution among consumers.

Market impact: Mildly positive for TRY; improved sentiment supports expectations of gradually stabilizing domestic demand.

Argentina posted a trade surplus of $800M in October, improving from $728M but slightly below the earlier $921M level. The increase reflects stronger export performance and moderating import pressures, offering a positive sign for the country’s external accounts.

Market impact: Mildly positive for ARS; a larger surplus supports short-term currency stability.

Brazil’s foreign exchange flows showed a net outflow of $1.219B, an improvement from the prior $1.786B outflow. The smaller deficit indicates moderating pressure on FX markets, supported by steadier capital movements and improved trade-related flows.

Market impact: Neutral to mildly positive for BRL; reduced outflows help stabilize near-term currency sentiment.