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MEXICO: CIBC Expect Banxico to Remain on Hold in September

MEXICO
  • The accumulated MXN depreciation since the start of August (over 6.0%), and elevated external (US elections) and local (constitutional reforms) risks are the main reasons for a cautious Banxico this month, according to CIBC.
  • Although the drop in core prices back to Banxico’s 2%-4% target range could provide some room for the continuation of the easing cycle this year, CIBC expect Banxico to remain on hold on Sep 26th.
  • With the expected start of the Fed’s easing cycle this month, CIBC see room for tactical short USD/MXN plays into the second half of September and suggest selling USD/MXN spikes near 20.15.
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
EM BulletMexicoBulletGlobalEmerging Market NewsRegion

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