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AMLO New Nominations Should Not Trigger Policy Shift

MEXICO
  • Main news late yesterday was President AMLO nominating Arturo Herrera to take over the governorship at the central bank. His role at the finance ministry will be filled by Rogelio Ramirez de la O.
    • The news had been speculated and analysts appear content that the new appointments should not trigger a shift in policy. At the margin, a dovish tilt could be argued as AMLO appointees will now take up 4 of the 5 spots on the Banxico committee, combined with Herrera's Finance Ministry background.
  • USDMXN breached support yesterday, making fresh lows of 19.60. However, a late dollar squeeze leaves the pair consolidating around the May lows at 19.72. US CPI in focus with an empty domestic event calendar.
  • News: After a request from the U.S., Mexico will review alleged labor violations related to workers' collective bargaining rights at Tridonex auto parts facilities, according to a statement from the economy and labor ministries. (BBG)
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