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Bi-Weekly Inflation Data Expected To Recede, USDMXN Consolidating

MEXICO
  • Headline inflation is expected to have eased to 6.25% y/y in early April, from a prior reading of 6.58%, according to the median estimate within the Bloomberg survey. Waning supply shocks, decelerating global inflation and base effects suggest inflation extended its downtrend in the first two weeks of April. USDMXN continues to consolidate either side of 18.00 with the clear focus on next key support at 17.8981, the Mar 9 low.
  • Worth noting that central bank forecasts anticipate price gains slowing this year and falling in line with the target by the end of 2024. Data today, especially the core reading, may be influential in assessing whether Banxico will decide on additional tightening or conclude the hiking cycle at the May 18 meeting. Figures are due at 1300BST/0800ET:
    • Bi-Weekly CPI, est. -0.15%, prior 0.07%
    • Bi-Weekly CPI Y/y, est. 6.25%, prior 6.58%
    • Bi- Weekly Core CPI, est. 0.22%, prior 0.29%
    • Bi-Weekly Core CPI Y/y, est. 7.76%, prior 8.03%
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