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USDMXN Edges Toward 21.00, Inflation Data Later This Week

MEXICO
  • The US Dollar is maintaining its supportive price action and with the lingering risks related to an escalation of covid restrictions around the globe, USDMXN has been edging higher to start the week. Key resistance remains unchanged at 20.9790, Nov 3 high.
    • Key data will be in the form of mid-month CPI, due on Wednesday. For reference, the December Banxico decision does not fall until December 16.
  • IMF executive board backs new two-year arrangement with Mexico under the Flexible Credit Line, designed for crisis prevention, of about $50b. This is a reduced amount compared to previous years as the IMF argues that the nation's economic prospects have improved.
  • Comments from outgoing Banxico Governor Diaz De Leon from late on Friday:
    • Reopening of economies has generated more inflation pressure with emerging markets facing higher inflation pressures than developed world.
    • Mexico can't prevent inflation stemming from factors outside the country, but it can control the contagion effects.
    • Efficiency, inclusion and macro and financial stability must be major goals in the wake of the pandemic. (BBG)
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