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2-Year TIIE Swap Rates Extend Decline Following Heath Comments

MEXICO
  • An explicit mention to the potential of rate cuts at either of the first two meetings of the year by Banxico’s Heath has prompted two-year TIIE swap rates in Mexico to extend the move lower to 11 basis points on the day.
  • While Heath provided the caveat of both needing core inflation to drop and the upside risks to inflation, the comments may be seen as bolstering the slight dovish adjustment made to the committee’s forward guidance at the November central bank meeting.
  • While the broader greenback has been supported in early US trade, the comments may have also assisted the bounce for USDMXN, which has risen from earlier 17.0340 lows to trade a fresh session high of 17.1518. Initial resistance is at 17.5454, the 50-day EMA.
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