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Esquivel Plays Down Dissidence, US Surprisingly Suspends Avocado Imports

MEXICO
  • USDMXN popped off the lows approaching the close on Friday on broader risk off sentiment filtering through global markets. However, the Peso remains its resiliency, trading +0.13% against the greenback from Friday’s close. Key support remains in the 20.25/28 area.
  • Commenting late on Friday, Deputy Governor Gerardo Esquivel posted his opinions on Banxico’s decisions over the last few years:
    • “In my opinion, we were a little late in reducing the rate in 2019 (though it eventually happened) and we were a little early in raising it in 2021 (as we are now doing)”.
    • He also explained that any differences with members of the Banxico governing board have to do with “margin and timing” and sometimes with “narrative”.
    • “There should be no reason for alarm due to dissidence”
  • Mexico has acknowledged that the U.S. government has suspended all imports of Mexican avocados after a U.S. plant safety inspector in Mexico received a threat. (APW)
    • Avocado exports are the latest victim of the drug cartel turf battles and extortion of avocado growers in the western state of Michoacan, the only state in Mexico fully authorized to export to the U.S. market.
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