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FED/Banxico Decisions In Focus, MXN Supportive Tone Continue

MEXICO

A quiet data calendar to start the week, where FED/ECB as well as local central bank decisions should dominate the market’s attention.

  • Late Friday, Mexican President AMLO formally named Victoria Rodriguez Ceja as Banxico’s first female governor, according to a letter obtained by Bloomberg News.
    • Rodriguez will be governor from Jan. 1, 2022 until Dec. 31, 2027, according to a letter sent Thursday by Lopez Obrador’s legal counsel to the secretary of the Banxico board.
  • The final Banxico meeting with Diaz De Leon at the helm will take place on Thursday. The majority of analysts believe the central bank will continue with their 25bp hiking pace, however, further inflationary surprises have prompted some to call for a 50bp rate hike on Thursday.
  • The Mexican peso continues to trade with a supportive tone amid higher global equity indices to start the week. Following support at 20.9790 being cleared, this signals scope for a deeper pullback and opens the 50-day EMA around 20.80 and 20.7009, the 76.4% retracement of the Nov 9 - 26 rally.
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