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CIBC Expect Banxico’s Borja, Rodriguez and Mejia To Confirm Bias To Cut In June

MEXICO
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  • CIBC will be focused on Banxico's board member comments at the Monetary Policy Report press conference after the publication of the report at 1930BST. Although they expect that the Bank will keep a high degree of caution with regards to the sticky nature of core services, they think that Galia Borja, Victoria Rodriguez, and Omar Mejia will confirm a bias to cut rates for the second time in June.
  • They are not expecting the Bank to signal a continuous easing cycle until Q4 2024. However, they see these three board members keeping the door open to implement small adjustments to the policy rate, if there are no significant deviations from the Bank's updated forecasts. CIBC maintain their bias towards selling USD/MXN spikes into early June.
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  • CIBC will be focused on Banxico's board member comments at the Monetary Policy Report press conference after the publication of the report at 1930BST. Although they expect that the Bank will keep a high degree of caution with regards to the sticky nature of core services, they think that Galia Borja, Victoria Rodriguez, and Omar Mejia will confirm a bias to cut rates for the second time in June.
  • They are not expecting the Bank to signal a continuous easing cycle until Q4 2024. However, they see these three board members keeping the door open to implement small adjustments to the policy rate, if there are no significant deviations from the Bank's updated forecasts. CIBC maintain their bias towards selling USD/MXN spikes into early June.