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Court Blocks Biden Bid To End Pandemic Immigration Restriction

MEXICO
  • USDMXN (-0.32%) has continued its downward trajectory, trading just below 19.80 and now within close proximity of more significant support at 19.7274, the Apr 4 low.
    • A break of this support level would confirm a resumption of a bear cycle that started on Nov 26 last year.
  • A much busier data docket this week - Mid-month CPI data for May will be released tomorrow where annual core CPI is expected to dip slightly to 7.21%. Tuesday will see final GDP readings as well as March activity data.
  • Thursday will see the March retail sales report before the latest set of Banxico minutes from the May meeting. In that meeting, the central bank raised rates by 50bps to 7.00%, however, the more hawkish vote split has fuelled some expectations of potentially more aggressive action in the pipeline.
    • Indeed, Banxico Deputy Governor, Jonathan Heath, said on Twitter that he’s surprised so few analysts expect the June rate hike to be 75 basis points.
  • A Louisiana federal judge blocked the Biden administration on Friday from ending Title 42—a pandemic-related border restriction that allows for the immediate expulsion of asylum-seekers and other migrants. (Bloomberg)
    • The preliminary injunction provides a more long-term stop to the administration’s plans while the lawsuit led by a multi-state coalition of Republican attorneys general plays out—barring a successful appeal by the Biden administration. The border restriction had been set to lift Monday.
  • *Foreign Affairs Minister Marcelo Ebrard and Senate Leader Ricardo Monreal among speakers at event held by Chatham House and Comexi. Day one of two begins at 2pm, Mexico City time.
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