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Banxico's Heath Says Current Scenario Warrants Restrictive Policy

MEXICO
  • USDMXN remains close to unchanged to start the week, towards the lower end of the most recent range around the 20.10 mark. Initial firm support lies at 20.0014, the May 4 low and a resumption of bearish activity would expose key support at 19.7274, Apr 4 low. 20.6378 remains the key short-term resistance and bull trigger.
  • An extremely light domestic data calendar this week following last week’s Banxico decision, with only Friday’s Banamex economist survey of note. This should likely leave USDMXN at the mercy of broader risk/greenback sentiment.
  • Central bank Deputy Governor Jonathan Heath will present a book he coordinated on how to use statistical information to understand Mexico’s economy. Event scheduled for 7pm Mexico City time.
    • The Banxico Deputy Governor said in a tweet increasing the key rate by 50bps returns the monetary stance to the “neutral zone.”
    • “I think the position consistent with the current inflation scenario should be restrictive, so there is still a long way to go,” Heath said.
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