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USDMXN Dips Briefly Back Below 20.60

MEXICO
  • USDMXN briefly prints below 20.60 as the decision sees all policy makers on board, extending the regional outperformance in anticipation of the release.
  • *The link to the statement can be found here: https://www.banxico.org.mx/publications-and-press/announcements-of-monetary-policy-decisions/%7B4BE7D6F0-B2B0-6DCC-A906-9DFD84BED861%7D.pdf
  • *Highlights include: "Among the most relevant global risks are the pandemic, delays in the vaccination programs, and a greater tightening of financing conditions."
  • "The Mexican peso depreciated and medium- and long-term interest rates increased. Mexico's economic activity decelerated in January and February and, although a greater boost from external demand is foreseen, ample slack conditions are expected throughout the forecast horizon."
  • "The anticipated paths for headline and core inflation in the short term are slightly above those foreseen in the last Quarterly Report"
  • "In a highly uncertain environment, the risks for inflation, economic activity and financial markets pose major challenges for monetary policy. It is necessary to enable an orderly adjustment of financial conditions and a change in relative prices, without affecting price formation and inflation expectations."
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