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18 Sep 2015
Banxico to remain on hold – TDS
FXStreet (Córdoba) - Paul Fage, Senior EM Strategist at TD Securities, expects that the Bank of Mexico (Banxico) will kept the overnight rate on hold at 3.0% on Monday, after the Federal Reserve decided not to hike interest rates yesterday.
Key Quotes:
“Inflation is comfortably under control, with the impact of the weak peso being offset by lower commodity prices and lower telecom tariffs. We continue to expect Banxico interest rate policy to follow exactly in the footsteps of the Fed over the rest of this year and next.”
“The short-end of the TIIE curve remains too steep in our view, implying more Banxico rate hikes by the end of 2016 than we expect the Fed to make. However, given the rally in Mexican rates in the wake of yesterday’s FOMC, we would look for better entry levels.”
“We see some further downside in USDMXN as the lack of a Fed hike gives some breathing space for EM assets and we think the market is still somewhat short EM.”
Key Quotes:
“Inflation is comfortably under control, with the impact of the weak peso being offset by lower commodity prices and lower telecom tariffs. We continue to expect Banxico interest rate policy to follow exactly in the footsteps of the Fed over the rest of this year and next.”
“The short-end of the TIIE curve remains too steep in our view, implying more Banxico rate hikes by the end of 2016 than we expect the Fed to make. However, given the rally in Mexican rates in the wake of yesterday’s FOMC, we would look for better entry levels.”
“We see some further downside in USDMXN as the lack of a Fed hike gives some breathing space for EM assets and we think the market is still somewhat short EM.”