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MEXICO: Banxico’s Rodriguez Says Could Evaluate Pace Of Rate Adjustments

MEXICO
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  • Banxico Governor Rodriguez said in an interview with El Financiero today that the central bank could evaluate the size of its rate adjustments in upcoming meetings, if there are no further shocks to inflation and its outlook remains favourable. According to Bloomberg, Rodriguez said that the country still needs a restrictive monetary policy stance and that recent shocks to inflation have eased, but not completely dissipated.
  • To recap, Banxico cut its policy rate by 25bp to 10.50% in a split 4-1 decision last week and signalled the possibility of a continuous cutting cycle ahead. See full MNI review with analyst views here.
    • Ahead of tomorrow’s inauguration of Claudia Sheinbaum, USDMXN is trading moderately lower around 19.64 today. USDMXN has found some support but, for now, remains below its recent highs. The next key support to watch lies at 19.1971, the 50-day EMA. For bulls, a resumption of gains would refocus attention on key resistance and the bull trigger at 20.2181, the Aug 5 high.
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  • Banxico Governor Rodriguez said in an interview with El Financiero today that the central bank could evaluate the size of its rate adjustments in upcoming meetings, if there are no further shocks to inflation and its outlook remains favourable. According to Bloomberg, Rodriguez said that the country still needs a restrictive monetary policy stance and that recent shocks to inflation have eased, but not completely dissipated.
  • To recap, Banxico cut its policy rate by 25bp to 10.50% in a split 4-1 decision last week and signalled the possibility of a continuous cutting cycle ahead. See full MNI review with analyst views here.
    • Ahead of tomorrow’s inauguration of Claudia Sheinbaum, USDMXN is trading moderately lower around 19.64 today. USDMXN has found some support but, for now, remains below its recent highs. The next key support to watch lies at 19.1971, the 50-day EMA. For bulls, a resumption of gains would refocus attention on key resistance and the bull trigger at 20.2181, the Aug 5 high.