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Banxico Quarterly Inflation Report Due This Week

MEXICO
  • USDMXN continues to trade in a narrow range, with one-month implied volatility still below 8%, the lowest levels since the early onset of the pandemic. As noted overall, USDMXN remains in consolidation mode for now. A resumption of gains would expose initial resistance at 17.2286, the Feb 13 high. On the downside, key support and the bear trigger, remains at 16.7852, the Jan 8 low.
  • No domestic data are scheduled for release today. On Wednesday, Banxico will publish its quarterly inflation report, with attention on the implications for the monetary policy outlook and scope for a March rate cut. Goldman Sachs note that their focus will be on the characterisation of the balance of risks to inflation and also the revised forecasts for the output gap and labour market slack. A tight goods market would reduce the urgency for Banxico to adjust the monetary stance.
  • Meanwhile, the government is set to pay Iberdrola today for a group of power plants it recently purchased. AMLO also said earlier this month that the government and Iberdrola will begin the process of transferring the assets on Feb 27.
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