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Diaz de Leon Explains Government Would Need To Buy Reserves To Pay Debt

MEXICO
  • Data indicates that investors added to their short MXN positions for the first time in three weeks, according to latest CFTC report.
    • Non-commercial investors were short MXN to the tune of 23,887 contracts as of Aug. 10 vs 21,297 short contracts a week prior. Important to note, this was before the Banxico August rate decision, where rates were raised to 4.5% in a 3-2 split decision.
  • *Mexico Would Have to Buy Reserves to Pay Debt (BBG)
  • Clearing up the comments made by President AMLO last week, Banxico Governor Diaz de Leon explained the Government would need to purchase funds from the central bank to pay debt.
    • The IMF's transfer to the central bank of the recently-approved reserves, worth roughly $12 billion, isn't a "donation," Diaz de Leon said in an interview late Thursday.
  • *Biden's Halt Of Trump Immigration Restriction Blocked By Judge (BBG)
  • A federal judge ordered the Biden administration to revive a controversial policy begun under former President Donald Trump that forces immigrants seeking U.S. asylum at the southern border to wait in Mexico while their applications are pending.
    • It's another setback for President Joe Biden following a January ruling by a different judge in Texas that temporarily blocked the new administration's plan to pause deportations of undocumented immigrants for 100 days.
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