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Finance Ministry To Send Draft Budget To Congress, Resilient Peso

MEXICO
  • Sharp turnaround in TIIE swap rates yesterday amid a resilient MXN. 10-yr TIIE swaps were higher in the region of 18 basis points with the curve bear steeper before reversing to close marginally lower on the day.
  • USDMXN gradually moving lower despite the overall stronger performance of the US dollar this week. EURMXN attempting to break a cluster of horizontal support at 24.1450 may be adding support for the Peso.
  • *Finance Ministry expected to send initial draft of 2022 budget to lawmakers today with forecasts for growth, oil output and primary deficit.

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