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USDMXN Roughly 1% Higher In line With Gap Lower In Major Equity Indices

MEXICO
  • In line with the gap lower in major equity indices from the open, USDMXN is just under 1% higher and has remained in a fairly stable trading range between 20.50-60.
  • The Mexican economy will expand 1.4% in 1Q, according to the latest results of a Bloomberg News survey of 27 economists conducted from Feb. 18 to Feb. 23. Quarterly forecasts for 2022 were revised lower, however the 2022 target for GD growth remained unchanged.
    • GDP 2Q22 +1.1% y/y vs prior +1.6%
    • GDP 3Q22 +2.6% y/y vs prior +2.9%
    • GDP 2022 +2.5% y/y vs prior +2.5%
  • Data today:
    • 1200GMT/0700ET: Jan. Unemployment Rate NSA, prior 3.51%
    • 1500GMT/1000ET: Jan. Net Outstanding Loans, prior 4.81t pesos
    • Mexico’s state-owned oil company Pemex reports 4Q results after posting a loss of 62.8b pesos during the previous quarter. Conference call at 1600GMT/1100ET.
  • Data this week includes January remittances and Manufacturing PMI, however the focus will be on the inflation report scheduled for Wednesday and any adjustments to the latest central bank economist survey.
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