Mexico Macro Daily(Beta Mode)
IPC Dips Amid Oil Slump
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| IPC Bolsa | 65,648.91 | -0.66% |
| USD/MXN | 17.81 | -0.12% |
| EUR/MXN | 20.45 | -0.48% |
| WTI Crude | 97.17 | -1.56% |
| Silver | 79.15 | -2.18% |
| Gold | 5,016.40 | -0.71% |
| Brent Crude | 98.74 | -4.27% |
| Bitcoin | 73,572.45 | +1.08% |
| Mexico Short-term Rate | 5.63% | -1.23% |
| Mexico Long-term Rate | 9.21% | +0.11% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Mexico Short-term Rates | Type: macro_line | Short Rate %: 5.63 (2026-01-01) | Range: 3.05–8.79 | Trend(6pt): 3.11,4.89,8.35,8.25,5.7,5.63
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- IPC Bolsa fell 0.66% to 65,648.91, pressured by energy and mining losses on commodity weakness.
- USD/MXN eased 0.12% to 17.81, showing peso resilience despite dollar strength.
- Brent Crude dropped 4.27% to 98.74, weighing on Mexico's export outlook.
Yesterday's Recap
With no major economic data releases on March 15, Mexican markets reacted to global risk-off sentiment and falling commodity prices. The IPC Bolsa index declined 0.66% to 65,648.91, driven by weakness in energy and mining sectors as oil and metals prices tumbled. USD/MXN slipped 0.12% to 17.81, indicating modest peso gains amid stable US-Mexico trade under USMCA.
EUR/MXN decreased 0.48% to 20.45, influenced by euro softness. Mexico's short-term rate fell 1.23% to 5.63%, consistent with Banxico's policy, while the long-term rate rose 0.11% to 9.21%, reflecting mild inflation worries. Commodities weakened, with WTI Crude down 1.56% to 97.17, Brent Crude off 4.27% to 98.74, silver dropping 2.18% to 79.15, and gold easing 0.71% to 5,016.40.
Bitcoin bucked the trend, rising 1.08% to 73,572.45. Trading volumes remained moderate, supported by ongoing nearshoring but offset by oil volatility.
The Day Ahead
March 16 has no scheduled Mexican economic events, so markets will focus on global cues. Investors may watch US-Mexico border developments, including reports of migrant injuries at the wall near El Paso, for potential effects on bilateral relations and trade. Cartel violence concerns in Jalisco could influence sentiment around the 2026 FIFA World Cup, impacting tourism stocks.
Peso movements may track oil price fluctuations, while broader LatAm dynamics and Fed signals could shape rate expectations. No Banxico updates are expected, leaving policy views tied to external factors.
Other Economic Notes
Cartel violence in areas like Jalisco continues to spark security worries for the 2026 FIFA World Cup, with fans urging FIFA to address safety in Mexico. This could deter tourism and infrastructure investments. President Claudia Sheinbaum stated she did not personally order the operation against cartel leader El Mencho, highlighting ongoing anti-crime efforts.
Nearshoring trends persist, boosting manufacturing via USMCA supply chain shifts from Asia, though global rate pressures may limit inflows. Pemex debt remains a fiscal strain, exacerbated by volatile oil prices affecting revenues.
