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April Inflation and Banxico Decision Due Thursday

MEXICO
  • Moderately lower core yields have bolstered the Mexican peso to start the week as USDMXN (-0.28%) edges back toward 16.90. Price action places the pair in close proximity of support at 16.8932, the 50-day EMA.
  • On the data front, April CPI inflation data for Mexico is due prior to the Banxico decision on Thursday. Core inflation is expected to decline to 4.40% from a prior reading of 4.55%. Despite cutting rates for the first time in March, Banxico are expected to stand pat at 11% and wait to see the evolution of local data and external risks. Deputy Governor Heath emphasised the initial easing was part of a fine-tuning process and voting to hold rates this week could be a unanimous decision.
  • Today, Roberto Velasco, head of the NA division at Mexico’s Foreign Affairs Ministry, speaks at a Milken Institute conference about semiconductor supply chains.
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