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MXN Holds Tight Range As Mid-Terms Approach

MEXICO
  • USDMXN spent yesterday within 19.90-20 as markets brushed off the quarterly inflation report released by the central bank. Greater focus will be placed on the US employment report on Friday, which will then be followed by the mid-term elections over the weekend. This morning, statistics agency will publish consumer confidence indicator for May, which was at 42.4 in April. Data released at 6am local time.
  • Bank of Mexico Raises 2021 Economic Growth Forecast to 6.0% From 4.8%
  • Goldman Sachs described yesterday's quarterly inflation report as providing 'no clear or actionable policy rate signals':
    • The upbeat growth forecasts and forecasted core inflation dynamics and balance of risks leave no room for additional easing
    • If some of the domestic and external risks to inflation and financial stability materialize, rate hikes could be on the menu, though most likely not in the very near-term.
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