In Mexico, the monthly GDP proxy contracted in May and printed a downward bias to our Q2 GDP forecast

The monetary authority in Brazil made an explicit statement that there will be no further cuts in the Selic rate, in line with our view that any adjustment will be to the upside and from the beginning of 2015 onwards. Acceleration inflation in Mexico influenced by the summer holiday season reached the upper bound of the inflation target in the first fortnight of July.

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