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MEXICO: Scotiabank Expect MXN Recovery to Support Further Easing

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • While commenting on the Mexican peso’s impressive recovery, Scotiabank note Sheinbaum’s commendable diplomacy regarding Trump’s victory during her morning presser yesterday as likely easing initial concerns surrounding potential trade tensions.
  • Furthermore, they highlight that plans announced for a five-year USD23.4bn energy plan covering generation and transmission was highly welcome news with respect to Mexico’s medium-term investment outlook.
  • Assuming this MXN resilience holds, Banxico should have no problem cutting 25bps next week, according to Scotia, with today’s October core inflation ticking marginally lower supporting their case for the removal of extra-restrictive policy.
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  • While commenting on the Mexican peso’s impressive recovery, Scotiabank note Sheinbaum’s commendable diplomacy regarding Trump’s victory during her morning presser yesterday as likely easing initial concerns surrounding potential trade tensions.
  • Furthermore, they highlight that plans announced for a five-year USD23.4bn energy plan covering generation and transmission was highly welcome news with respect to Mexico’s medium-term investment outlook.
  • Assuming this MXN resilience holds, Banxico should have no problem cutting 25bps next week, according to Scotia, with today’s October core inflation ticking marginally lower supporting their case for the removal of extra-restrictive policy.