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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

US

'Big Tech' Bill Goes To Senate

COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

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  • Further comments from Banxico Governor nominee Rodriguez as she defends her experience/requirements in front of the Senate late yesterday:
    • Banxico has taken necessary measures on CPI
    • Stopping capital flight isn't in Banxico's mandate
    • My work on budget has involved monetary policy and my experience meets Banxico requirements
    • Banxico single mandate must be maintained
    • Banxico can't directly control causes of CPI spike and the bank must be cautious to avoid unintended effects.
    • I will follow law regarding Banxico reserves (all BBG)
  • Analysts appear to see little additional indications from the quarterly inflation report with Goldman Sachs describing the report as providing “no clear or actionable policy rate signals beyond those conveyed at the Nov 11 MPC meeting”.
    • Goldman Sachs believe the open question at this stage is whether at the next meeting the MPC will maintain the pace of hiking at 25bp, or accelerate to 50bp.
    • Barclays continue to expect additional hikes of 25bp in next two meetings. After that, a pause might be implemented in order to leave space for the expected hiking cycle from the US Fed, but this could be short-lived.
  • Separately, The Biden administration has reached a deal with the Mexican government to restart the Trump-era "Remain in Mexico" program that requires asylum seekers to wait outside U.S. territory while their claims are processed, two U.S. officials and a Mexican government official said late Wednesday. (WaPo)
    • The governments are planning to announce the agreement Thursday.