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MEXICO: Banxico QIR, Minutes Due This Week

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • The data calendar is light today, with just ANTAD same-store sales for January potentially crossing. In December, same-store sales rose by 1.2% y/y. Later this week, focus will be on Banxico’s inflation report on Wednesday and the minutes to the Feb 6 MPC meeting on Thursday. December retail sales, final Q4 GDP and December economic activity are also due later this week.
    • In the QIR, inflation forecasts are expected to be in line with those from the recent MPC meeting, which showed inflation converging to the 3.0% target in Q3 2026. Focus will be on likely downward revisions to GDP growth and the implications for the monetary policy outlook, after the central bank stepped up the easing pace earlier this month.
    • Mexico City’s government is due to hold a forum on housing policy and the rules of the capital’s housing institute today.
    • The Mexican peso is underperforming slightly so far on Monday, unwinding Friday’s gains, to leave USDMXN back around the 20.40 level, up 0.5% on the day. The move lower on Friday, amid Russia/Ukraine optimism, saw the pair dip to a low of 20.2625, narrowing the gap to key support at 20.1343, the Jan 24 low.
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  • The data calendar is light today, with just ANTAD same-store sales for January potentially crossing. In December, same-store sales rose by 1.2% y/y. Later this week, focus will be on Banxico’s inflation report on Wednesday and the minutes to the Feb 6 MPC meeting on Thursday. December retail sales, final Q4 GDP and December economic activity are also due later this week.
    • In the QIR, inflation forecasts are expected to be in line with those from the recent MPC meeting, which showed inflation converging to the 3.0% target in Q3 2026. Focus will be on likely downward revisions to GDP growth and the implications for the monetary policy outlook, after the central bank stepped up the easing pace earlier this month.
    • Mexico City’s government is due to hold a forum on housing policy and the rules of the capital’s housing institute today.
    • The Mexican peso is underperforming slightly so far on Monday, unwinding Friday’s gains, to leave USDMXN back around the 20.40 level, up 0.5% on the day. The move lower on Friday, amid Russia/Ukraine optimism, saw the pair dip to a low of 20.2625, narrowing the gap to key support at 20.1343, the Jan 24 low.