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Banxico Provide Identical Guidance, Minutes Awaited For December Signals

MEXICO
  • Another Banxico decision comes and goes with little new juicy information to scrutinise. The statement acknowledges that headline inflation has slowed but the board remain aware of the upwards trajectory for core prices. They do also recognise the ongoing strength of the super Peso, which has been “showing greater resilience than other currencies”.
  • The marginally dovish Esquivel dissent is notable but not all together surprising given his recent comments and I would expect for there to be a good amount of discussion for upcoming decoupling from the Fed in the minutes on November 24. Whether decoupling will be entirely necessary given today’s US data is another topic for discussion.
  • The statement provided the usual caveat that at coming meetings, “the Board will assess the magnitude of the upward adjustments to the reference rate based on the prevailing conditions.”
  • The December Banxico meeting falls on December 15 (one day after the FOMC decision) with the November inflation data due for release on December 08.
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