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Peso Lacking Momentum

MEXICO
  • Comments from Esquivel over the weekend that Mexico could have space for at least two more interest rate cuts in 2021 potentially still being digested. Additionally, the unanimous central bank board may be bolstering headwinds for the Peso and may explain the reluctance for USDMXN to participate in the risk rally. Clearly the regional holidays may be having also be having an effect.
  • Separately AMLO stated his electricity bill doesn't violate USMCA, however, later in the session Mexico's antitrust recommended not to pass the electricity bill.

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