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Divergence of Banxico Views Evident, Resilient MXN

MEXICO
  • Despite the marginally firmer greenback to start the week, USDMXN continues to hover just above recent lows around 20.35.
  • Conflicting opinions on twitter from Banxico deputy governors continue to convey the split views on among the central bank board.
    • Deputy Governor Heath continues to show deep concern for the Core CPI component and its upward trend, stating that inflation slowing due to non-core is 'almost irrelevant'.
    • On the other hand, Deputy Governor Esquivel, the most dovish Banxico board member, commented that inflation had peaked in late November and would continue to subside in coming months.
    • Ongoing disputes are made all the more relevant given the upcoming first meeting for the new Banxico Governor, Victoria Rodriguez. Inflation prints and any further comments will be eagerly analysed for clues on whether Banxico will maintain a 50bp hiking bias.
  • Mexico broke its record for daily Covid-19 infections, reporting 30,671 cases on Saturday as the omicron variant continues to spread.
    • As has been the case globally, President AMLO and Deputy Health Minister Hugo Lopez-Gatell, have said repeatedly that omicron is not as severe as previous variants and there hasn’t been a significant increase in hospitalizations or deaths.
  • Mexico President Andres Manuel Lopez Obrador’s power bill must change or die, lower house PRI party leader Ruben Moreira, said in an interview with local news website Aristegui Noticias.
    • “If there are changes, we will evaluate them and decide”, Moreira said.
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