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Sheinbaum Names Campaign Team, USDMXN Consolidates After Moderate Bounce

MEXICO
  • Presidential frontrunner Claudia Sheinbaum has presented her campaign team ahead of next year’s election, naming the president of the ruling Morena party Mario Delgado as the campaign coordinator.
  • An explicit mention to the potential of rate cuts at either of the first two meetings of the year by Banxico’s Deputy Governor Jonathan Heath prompted a notable move lower for TIIE swap rates on Monday. 5-year TIIE swap rates extended the move to -13bp on the day.
  • While Heath provided the caveat of both needing core inflation to drop and the continued upside risks to inflation, the comments may be seen as bolstering the slight dovish adjustment made to the committee’s forward guidance at the November central bank meeting.
  • The comments also assisted a bounce for USDMXN, which rose from earlier 17.0340 lows to briefly trade a fresh session high above 17.20. Initial resistance moves down to 17.5164, the 50-day EMA.
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