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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI Banxico Review – Nov 2023: Dovish Tweak to Forward Guidance
Executive Summary
- Banxico’s governing board decided to keep the overnight rate unchanged at 11.25%, in a unanimous decision.
- In a key dovish adjustment to the forward guidance, Banxico now believe “the reference rate must be maintained at its current level for some time”. This compares to prior guidance that it expected the hold rates “for an extended period”.
- The statement, while retaining its hawkish posture, included various other dovish tweaks which points towards Banxico acknowledging that the conditions desired to start an easing cycle are getting closer.
- Markets were surprised by the statement and reacted accordingly. USDMXN rose the best part of 2% to reach a fresh session high of 17.8943, although hawkishly interpreted comments from Fed’s Powell may have exacerbated the move.
Click to view the full review:
MNI Banxico Review - November 2023.pdf
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.