Argentina votes, more good news on inflation

Argentines vote on Sunday in presidential primaries, known as the PASO, which should give a first sign of whether the country will buck the regional political trend and shift to the right at the general election in October. But even if that's the case, the next administration will face enormous economic challenges. And Argentina’s history shows that even the best-intentioned administration might struggle to put the economy on a more sustainable footing. Elsewhere, this week's raft of July data support our view that the region's easing cycle will broaden out over the coming months, although Banxico's hawkish communications mean that rate cuts in Mexico will probably be more gradual than most expect.