| Asset | Level | Change |
|---|---|---|
| IPC Bolsa | 66,196.92 | +0.83% |
| USD/MXN | 17.62 | -0.37% |
| EUR/MXN | 20.34 | -0.03% |
| WTI Crude | 94.31 | -1.97% |
| Silver | 78.81 | -0.91% |
| Gold | 4,940.70 | -1.21% |
| Brent Crude | 103.90 | +0.46% |
| Bitcoin | 72,962.09 | -1.30% |
| Mexico Short-term Rate | 5.56% | -1.24% |
| Mexico Long-term Rate | 8.74% | -5.10% |
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
Mexican markets showed strength yesterday, with the IPC Bolsa index advancing 0.83% to 66,196.92, supported by export sectors and US-Mexico trade developments under USMCA. The peso appreciated, as USD/MXN declined 0.37% to 17.62, aided by stable remittances and lower global volatility. EUR/MXN dipped 0.03% to 20.34, driven by euro softness.Bond yields fell, with the short-term rate decreasing 1.24% to 5.56% and long-term rate dropping 5.10% to 8.74%, reflecting expectations of easing amid inflation trends. Commodities varied: WTI Crude fell 1.97% to 94.31, Silver dropped 0.91% to 78.81, Gold declined 1.21% to 4,940.70, while Brent Crude rose 0.46% to 103.90 and Bitcoin slipped 1.30% to 72,962.09. These moves had minimal impact on equities.No economic data was released, allowing focus on nearshoring, including railway expansion involving Mexico, the US, Canada, and Brazil. The session underscored Mexico's ties to US growth, with IPC gains countering commodity weakness.
With no Mexican economic events scheduled today, markets will watch global central bank signals and currency shifts. USD/MXN could see movement amid US inflation concerns from Fed updates. Nearshoring may lift sentiment via railway expansion announcements with North American partners, supporting logistics firms.Commodity fluctuations, especially WTI Crude, might affect Pemex assets. A calm day is expected unless US or European developments intervene.
Retail in Mexico grew 2% in January per ANTAD, facing challenges, but AI could improve shopping experiences. Nearshoring advances with Mexico in railway expansions alongside the US, Canada, and Brazil, boosting trade and tourism. Mexico also joins the US, Canada, Peru, Puerto Rico, and Brazil in vacation rental growth, redefining travel economies.Fiscal gains include 400 million pesos from resolving the Zheng He ship dispute with Luxembourg via TIDM agreement. Spanish King's acknowledgment of conquest abuses may ease Mexico relations. Iran's FIFA talks to shift World Cup matches to Mexico highlight infrastructure and tourism potential.
The Fed is set to hold rates steady amid inflation risks, potentially aiding peso stability through US-Mexico yield gaps. In the Philippines, a falling peso and high oil costs may prompt an April rate hike, mirroring emerging market currency pressures like MXN. UK experts urge the Bank of England to keep rates unchanged despite economic progress and risks, which could steady GBP pairs affecting EUR/MXN.US involvement in railway expansions with Mexico, Brazil, and Canada emphasizes trade links, enhancing Mexico's exports. Mexico's role in vacation rental booms with regional partners supports tourism. These developments reflect global caution on rates and commodity influences on oil-reliant economies like Mexico's.
Banxico's rate remains at 5.56% after the February hold, with a data-dependent stance targeting 3% inflation. The committee voted to hold rates, focusing on labor resilience and remittances aiding peso stability. This approach tempers easing bets, with yields suggesting possible Q2 moves if inflation cools.The framework prioritizes core trends, shaping USD/MXN and IPC amid USMCA flows. Investors eye future CPI for guidance.