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Weaker Equities, Central Bank Rhetoric Weigh On MXN

MEXICO
  • Weakness in equities prompts a reprieve for the dollar and some minor pressure on EMFX. USDMXN back to familiar territory around 19.90. Further marginal headwinds for the Peso stemmed from hawkish rhetoric from Banxico Deputy Governor Espinosa.
    • Central Banker Sees Mexico's Monetary Easing Cycle as Over
    • Banxico may have to hike rates before Fed
    • Economic recovery requires changes to monetary policy
  • Worth noting Espinosa may be a slight leaning hawk, having voiced concerns over domestic core inflation pressures as well as increasing global inflation expectations in the run up to the May meeting. The comments become more interesting if they are backed up by fellow board members in the upcoming minutes, especially those of the slightly more dovish members, AMLO appointees Jonathan Heath and Gerardo Esquivel.
    • The minutes from Banxico's May meeting will be published on 27th May.
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