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Banxico Nominee Mejia Receives Lawmaker Approval

MEXICO
  • As noted above, the weaker US data on Wednesday appears to have dented sentiment and the Mexican Peso has fallen victim to this, even in the face of lower US yields. With many citing MXN as a popular carry trade and also benefitting from a firm US growth profile throughout 2022, this may explain the short-term pressure being exerted on the Peso.
    • The 2020 lows at the early onset of the pandemic have also provided a solid technical point for a reversal in sentiment. It is worth noting USDMXN is still down 2.6% this year and overall conditions remain bearish for the pair. Initial firm resistance is at 19.0401, the recent breakout point.
  • Mexico's lawmakers have approved Omar Mejia to the Banxico board. This follows the committee approval overnight on Tuesday and should pave the way for Mejia to be a part of the Banxico committee for its next decision, scheduled on February 9th.
    • His term is expected to run through the end of 2030.
  • Grupo Financiero Banorte and Kimberly-Clark de Mexico will post the results of their fourth-quarter earnings.
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