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Peso On More Stable Footing, Busy Docket Next Week

MEXICO
  • The aforementioned stability in equity markets has contributed to Wednesday’s partial reversal lower in USDMXN (-0.32%). Yesterday’s solid rally was almost entirely attributed to the hot US CPI and associated moves for US yields and the dollar, however, we note that fiscal uncertainty is lingering in the background which could have the potential to test the continued resilience of the peso.
  • Earlier reports indicated that the government has exempted state-owned Pemex from a series of taxes for a period of four months, effectively giving the debt-ridden company billions of dollars more in liquidity. The tax relief is the latest aid for Pemex provided by President Lopez Obrador, who has made the revival of the company one of the central platforms of his government.
  • Nominal wages data may cross today, although the local docket remains light. Banxico minutes and bi-weekly CPI data will cross next week alongside December retail sales and the final reading of Q4 GDP.
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