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No Sanctions On Russia, Quarterly Inflation Report Due

MEXICO
  • USDMXN has risen 0.3% overnight to 20.72 and is roughly 1.5% off yesterday’s lows. Resistance levels to watch are; 20.7893, Feb 4 high and 20.9141, Jan 28 high. The latter is a key resistance and a break is required to highlight a potential reversal of the current bearish technical outlook.
  • The central bank will release its quarterly report with forecasts for growth and inflation.
    • Banxico Governor Victoria Rodriguez Ceja will present the report at 12:30pm Mexico City time.
  • President AMLO on Tuesday ruled out imposing economic sanctions on Moscow for its invasion of Ukraine and criticized what he called censorship of Russian media.
    • "We are not going to take any economic type of retaliation, because we want to maintain good relations with all the governments of the world and we want to be in a position to be able to talk with the parties in conflict," he told reporters. (AFP)
  • Open parliament sessions, which allowed experts and private sector representatives to debate President AMLO’s proposed reform to give more control of the electricity market to state utility CFE, did little to improve its chances of approval, according to a Eurasia Group note.

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