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MEXICO: December Inflation/Banxico Minutes Due January 09

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • 20.40 has been capping the USDMXN price action well over the past two sessions, as the pair continues to operate in a tight December range. Today, the Finance Ministry will report the public budget balance for November. Mexico also plans to sell bills at auction, including 28-day, 91-day, 175-day and 693-day CETES notes
  • The USDMXN trend structure remains bullish; however, attention has remained on the post-election reversal lower, continuing to highlight a possible short-term top and therefore a bearish threat. A clear breach of the 50-day EMA, at 20.1265, would undermine the bullish theme and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low.
  • December inflation data and Banxico minutes are scheduled on Jan 09, which will offer a more detailed account of the unanimous decision to cut rates by just 25bp earlier this month. With the committee formalising its guidance that larger rate cuts would be considered, developments for the inflation trajectory and tariff related commentary will continue to be closely monitored.
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  • 20.40 has been capping the USDMXN price action well over the past two sessions, as the pair continues to operate in a tight December range. Today, the Finance Ministry will report the public budget balance for November. Mexico also plans to sell bills at auction, including 28-day, 91-day, 175-day and 693-day CETES notes
  • The USDMXN trend structure remains bullish; however, attention has remained on the post-election reversal lower, continuing to highlight a possible short-term top and therefore a bearish threat. A clear breach of the 50-day EMA, at 20.1265, would undermine the bullish theme and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low.
  • December inflation data and Banxico minutes are scheduled on Jan 09, which will offer a more detailed account of the unanimous decision to cut rates by just 25bp earlier this month. With the committee formalising its guidance that larger rate cuts would be considered, developments for the inflation trajectory and tariff related commentary will continue to be closely monitored.