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USDMXN Weakness Extends Below Support Ahead Of Banxico Decision

MEXICO
  • Further support for equities and the softer greenback are bolstering the impressive MXN recovery. Tuesday’s break below 18.2397 support, the Mar 13 low, has undermined the recent bullish theme for USDMXN and instead now exposes the Mar 9 low 17.8981, a key short-term support.
  • No domestic data is due until the central bank decision later today at 2000BST/1500ET.
  • All but one of the surveyed analysts expect Banxico to raise the overnight rate by 25bps to 11.25% at the March meeting. Analysts remain divided on the potential end date of the tightening cycle and therefore the committee’s guidance for upcoming meetings will be closely scrutinised. One analyst within the Bloomberg survey is calling for a bolder 50bp increase.
  • The full MNI preview with analyst views is here: https://roar-assets-auto.rbl.ms/files/52249/MNI%20Banxico%20Preview%20-%20March%202023.pdf
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