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USDMXN Clinging On To Wednesday Gains, Retail Sales Due Tomorrow

MEXICO
  • The stronger session for the greenback amid falling equities gave USDMXN a boost on Wednesday, briefly rising above 20.15. Price action was also supported by comments from central bank deputy governor, Gerardo Esquivel, who touted the idea that it may be time to start discussing decoupling from the Fed with regards to Banxico’s tightening strategy. Banxico shouldn’t take the ex-ante real interest rate beyond 5%, he said.
    • As noted, the comments are interesting - especially in the context of other Latin American central banks ending their tightening cycles, however, Esquivel is well known as the most dovish member of the Banxico committee. Furthermore, Esquivel said Banxico are to continue hiking the key rate and the issue of potentially not matching the Fed was alluded to in the most recent Banxico minutes.
  • Economy Minister Raquel Buenrostro said one of President Andres Manuel Lopez Obrador first instructions to her was to prioritize negotiations in the trade dispute with the US and Canada, Milenio reported.
  • No data today, August retail sales remains the key data point this week, scheduled for tomorrow.
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