Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Macroeconomics

<ul>
<li>The Bank for International Settlements’ (BIS) triennial survey highlights the continued expansion of global foreign exchange activity.</li>
<li>The Mexican peso reaffirmed its relevance, ranking among the most actively traded currencies worldwide and consolidating its position as one of the leading currencies within emerging markets.</li>
<li>According to the BIS Triennial Central Bank Survey on foreign exchange markets (April 2025), global FX trading volumes increased by 28% compared with the 2022 survey, reaching an average daily turnover of USD 9.6 trillion.</li>
</ul>


The Bank for International Settlements’ (BIS) triennial survey highlights the continued expansion of global foreign exchange activity.
The Mexican peso reaffirmed its relevance, ranking among the most actively traded currencies worldwide and consolidating its position as one of the leading currencies within emerging markets.
According to the BIS Triennial Central Bank Survey on foreign exchange markets (April 2025), global FX trading volumes increased by 28% compared with the 2022 survey, reaching an average daily turnover of USD 9.6 trillion.


Macro, FX and Rates Strategist

Ishaan Dev Kapoor

FX & Rates

<ul>
<li>The dollar reacted to one macro factor all year, with a sensitivity statistically indistinguishable across five regimes; what changed was which driver moved the factor and whether others followed it.</li>
<li>Gold led before the Iran war, VIX during it and again in the fiscal-dominance weeks; since Jackson Hole the dollar has traded the factor itself, led by the front end.</li>
<li>A dollar factor and the same macro drivers explain 72%-85% of every G10 currency except the yen; beyond the dollar, NOK traded oil, CAD the BoC, NZD the RBNZ.</li>
</ul>


The dollar reacted to one macro factor all year, with a sensitivity statistically indistinguishable across five regimes; what changed was which driver moved the factor and whether others followed it.
Gold led before the Iran war, VIX during it and again in the fiscal-dominance weeks; since Jackson Hole the dollar has traded the factor itself, led by the front end.
A dollar factor and the same macro drivers explain 72%-85% of every G10 currency except the yen; beyond the dollar, NOK traded oil, CAD the BoC, NZD the RBNZ.


Five Regimes, One Reaction Function-  What the Dollar and G10 Have Traded on in 2026

Chief Economist, Aletheia Capital

Dr. Jim Walker

Chief Economist

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

<ul><li>Both the Federal Reserve and Bank of Japan kept interest rates steady, despite inflationary pressures </li><li>The U.S. faces rising debt servicing costs due to heavy bond issuance, reinforcing the case for sustained higher interest rates</li><li>Expect further normalization in rates globally, with a likely rise in the 10-year U.S. Treasury yield and a bullish outlook on the Japanese Yen.</li></ul>

Both the Federal Reserve and Bank of Japan kept interest rates steady, despite inflationary pressures The U.S. faces rising debt servicing costs due to heavy bond issuance, reinforcing the case for sustained higher interest ratesExpect further normalization in rates globally, with a likely rise in the 10-year U.S. Treasury yield and a bullish outlook on the Japanese Yen.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 1 August 2025

Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Independent Financial Broker

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

<ul><li>Japanese Equities flat vs. World +1.73% and US +2.98%, Japan +5.56%, Europe +1.56%</li><li>Japan Sectors: Nonferrous Metals +8.26%, Electric Appliances +5.97%, Machinery +5.37% while Mining -5.23% and Real Estate -1.11%</li><li>JPY 5Y Rates up 1bp, ITRAXX Japan 5Y down 1.73 at 61.45</li></ul>

Japanese Equities flat vs. World +1.73% and US +2.98%, Japan +5.56%, Europe +1.56%Japan Sectors: Nonferrous Metals +8.26%, Electric Appliances +5.97%, Machinery +5.37% while Mining -5.23% and Real Estate -1.11%JPY 5Y Rates up 1bp, ITRAXX Japan 5Y down 1.73 at 61.45

Weekly Macroeconomic Report (2025, July 1st)

<ul><li>Japanese Equities flat vs. World +1.50% and US +0.98% while Korea +5.08% (+21.39% in 1 month).</li><li>Japan Sectors: Mining Index -6.56%, Oil &amp; Coal -4.57% and Transportation -3.07%</li><li>JPY 5Y Rates down 1bp, ITRAXX Japan 5Y down 1.93 at 62.81</li></ul>

Japanese Equities flat vs. World +1.50% and US +0.98% while Korea +5.08% (+21.39% in 1 month).Japan Sectors: Mining Index -6.56%, Oil &amp; Coal -4.57% and Transportation -3.07%JPY 5Y Rates down 1bp, ITRAXX Japan 5Y down 1.93 at 62.81

Weekly Macroeconomic Report (2025, June 25th)

Japan

The Japanese yen is the official currency of Japan. 

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Actinver Research - Mexican Peso Trading

The Bank for International Settlements’ (BIS) triennial survey highlights the continued expansion of global foreign exchange activity.

Actinver

Five Regimes, One Reaction Function- What the Dollar and G10 Have Traded on in 2026

The dollar traded one macro factor all year with an unchanged sensitivity; though underlying drivers shifted In G10, four currencies traded beyond...

Ishaan Dev Kapoor

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 1 August 2025

Both the Federal Reserve and Bank of Japan kept interest rates steady, despite inflationary pressures The U.S. faces rising debt servicing...

Dr. Jim Walker

Weekly Macroeconomic Report (2025, July 1st)

Japanese Equities flat vs. World +1.73% and US +2.98%, Japan +5.56%, Europe +1.56%. Japan Sectors: Nonferrous Metals +8.26%, Electric Appliances...

Vantage Capital Markets Japan

Weekly Macroeconomic Report (2025, June 25th)

Japanese Equities flat vs. World +1.50% and US +0.98% while Korea +5.08% (+21.39% in 1 month). Japan Sectors: Mining Index -6.56%, Oil & Coal...

Vantage Capital Markets Japan

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52-week Range

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