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Banxico expected to remain ‘on hold’ – TDS

FXStreet (Edinburgh) - Cristian Maggio, Head of EM Strategy at TD Securities, expects the Mexican central bank to keep rates unchanged at its meeting on October 29.

Key Quotes

“In line with the unanimous consensus, we expect the Overnight Rate to be kept on hold at 3.0%. And in fact, there’s very little chance of a surprise on this front, or even just of a change in rhetoric that could justify a different outlook from that we have been holding for a while”.

“With September CPI inflation at 2.5% Y/Y running comfortably below the 3% target, there is no reason for changing rates on domestic factors”.

“However, over the next twelve months or so, we think Mexican interest rate policy will be almost entirely driven by the Fed, with Banxico slavishly matching any US rate hikes”.

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