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Central Bank Releases Quarterly Inflation Report

MEXICO
  • USDMXN has extended its bounce, after printing fresh 2-year lows on Monday. The breach of key support at 19.7274 highlights an important technical break and confirms a resumption of a bear cycle that started on Nov 26 last year. Initial resistance is at 20.1083, the 50-day EMA.
  • Central bank to release quarterly report with updated forecasts for inflation and economic growth amid signs policy makers are considering picking up the pace of rate hikes to an unprecedented 75bps increase in June. The report is scheduled for 1830BST/1330ET.
    • 1500BST/1000ET: Central bank issues monthly survey of economist’s expectations
    • 1500BST/1000ET: April Remittances Total, est. $4.45b, prior $4.68b
    • 1530BST/1030ET: May S&P Global Mexico Manufacturing, prior 49.3
  • News from yesterday: Mexico’s national oil company Pemex will offer to pay back about $2bn it owes big-ticket suppliers with new debt, potentially easing conditions for some of its biggest contractors.
  • President AMLO’s political party, Morena, is favored to win four out of six gubernatorial races on June 5, Eurasia Group says in a research note.
    • “If these results hold Morena will control four new states reaching 22 (out of 32) in total with its coalition partners”.
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