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MXN Volatility In Focus Ahead Of Banxico Decision

MEXICO
  • On the data front, weekly international reserves figures will be released at 1600BST(1100ET). After that, focus turns to Thursday’s Banxico interest rate decision, where the majority of analysts expect the central bank to remain on hold given recent FX pressures. A full MNI preview of the meeting, with analyst views will be published later today.
  • After extending losses back below the 18.00 level yesterday, USDMXN has rebounded modestly early in Tuesday’s session, with the pair up around 0.5% to 18.05. Developments for MXN over the next couple of days could be crucial for the central bank committee and their expected trajectory for further monetary easing. Below support at 17.9858, the 20-day EMA, attention will turn to 17.7108, the 61.8% Fibonacci retracement from the post-election swing.
  • Meanwhile, Foreign Minister Alicia Barcena and Amy Pope, director general of the International Organization for Migration, will speak in Mexico City today at an event on migration. The Finance Ministry and national statistics institute INEGI will also present a national survey on financial health at 1700BST(1200ET).
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