MNI China Daily Summary: Wednesday, December 11

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Sheinbaum Inauguration, Banxico's Rodriguez Says Larger Rate Cuts Possible

MEXICO
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • Claudia Sheinbaum will be inaugurated as Mexico’s first female president today, with leaders from around the region, including Brazil, Chile and Colombia attending the event. Sheinbaum is due to speak to lawmakers at the inauguration ceremony at 1800BST(1300ET), before making a speech in Mexico City’s main square at 0000BST(1900ET).
  • Yesterday, Sheinbaum confirmed that Egdar Amador will be the country’s new deputy finance minister, replacing outgoing Gabriel Yorio, while Cesar Yañez Centeno was named as deputy interior minister and Major General Enrique Covarrubias Lopez as deputy defence minister.
  • In other news, Banxico Governor Victoria Rodriguez said in an interview with Reuters yesterday that the board may consider larger interest rate cuts ahead as inflation declines. She said that the inflation outlook had improved very significantly and the economy is in a solid position. USDMXN is little changed around 19.70 today, amidst a national holiday for the inauguration. The next key support to watch lies much lower at 19.219, the 50-day EMA, while key resistance is at 20.2181, the Aug 5 high.
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  • Claudia Sheinbaum will be inaugurated as Mexico’s first female president today, with leaders from around the region, including Brazil, Chile and Colombia attending the event. Sheinbaum is due to speak to lawmakers at the inauguration ceremony at 1800BST(1300ET), before making a speech in Mexico City’s main square at 0000BST(1900ET).
  • Yesterday, Sheinbaum confirmed that Egdar Amador will be the country’s new deputy finance minister, replacing outgoing Gabriel Yorio, while Cesar Yañez Centeno was named as deputy interior minister and Major General Enrique Covarrubias Lopez as deputy defence minister.
  • In other news, Banxico Governor Victoria Rodriguez said in an interview with Reuters yesterday that the board may consider larger interest rate cuts ahead as inflation declines. She said that the inflation outlook had improved very significantly and the economy is in a solid position. USDMXN is little changed around 19.70 today, amidst a national holiday for the inauguration. The next key support to watch lies much lower at 19.219, the 50-day EMA, while key resistance is at 20.2181, the Aug 5 high.