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Strong Showing For MORENA In Local Elections, USDMXN Edges Lower

MEXICO
  • Bolstered risk sentiment to start the week has lent support to the Mexican peso, gaining around 0.3% since the open and sees USDMXN hovering around the 19.50 mark. Recent technical breaches of the 2021 lows suggest bearish momentum with potential for the pair to head towards 19.1560, the Mar 3, 2020 low.
  • Mexico’s ruling Morena party won four of six states it didn’t already control in local elections on Sunday, consolidating President Andres Manuel Lopez Obrador’s political power further beyond his traditional strongholds in the south of the country.
    • Securing four of the six governorships would give MORENA control of 20 of Mexico's 32 regional administrations, underlining the president's enduring electoral appeal.
    • The results were broadly in line with expectations by pollsters, even if Morena officials said they aimed to win all six states. (BBG)
  • President AMLO speaks in daily press briefing, where he will be joined by Finance Minister Rogelio Ramirez de la O and Pemex CEO Octavio Romero to discuss Pemex’s bond sale to pay back providers.
  • Released just now: Mexico Gross Fixed Investment Rose 5.9% Y/y in March (BBG)
  • Thursday will bring the May CPI report where annual headline inflation is expected to come in at 7.63%, according to the latest Bloomberg survey. Emphasis will be on the core print which may increase to 7.25%.
    • It is worth noting there will be one further inflation print (mind-month) scheduled for June 23, the same day as the next Banxico meeting/decision.
  • Industrial/Manufacturing production data will be published on Friday.
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