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USDMXN Consolidates Post Payrolls Decline Below 16.90

MEXICO
  • Renewed strength for the Mexican peso in the aftermath of the US employment report and ISM Services figures last week has been consolidated to start the week. USDMXN remains in a downtrend and the short-term focus is still on 16.6262, the Jul 28 low.
  • With Banxico’s Q1 easing discussions likely to dominate the headlines in coming weeks, markets will pay particular attention to tomorrow’s release of December inflation. While the headline rate is expected to increase to 4.60% from 4.46% in the mid-month read, the central bank’s more important concern of core CPI is seen falling further to 5.14% Y/y. Any downside surprises may see renewed bets on easing commencing in February.
  • Released earlier today, Mexico's consumer confidence fell to 46.808 in December from revised 47.17 in November, according to the National Institute of Statistics, Geography, and Informatics (Inegi).
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