• CIBC have reiterated that they are maintaining their upward USDMXN bias from current levels, having recently revised their Q3 forecast slightly upward to 18.50 (prev. 18.20).
  • This reflects their expectations of an earlier start of the easing cycle following Banxico’s rate announcement last week. 
  • That said, CIBC recognize that the pair will remain prone to quick, albeit brief, spikes towards the 19.00-19.20 range, as constitutional reform discussions begin in Q3 and the US Presidential election race heats up.

MEXICO: CIBC Maintain Upward USDMXN Bias At Current Levels

Last updated at:Jul-03 11:44By: Jack Lewis
Mexico
  • CIBC have reiterated that they are maintaining their upward USDMXN bias from current levels, having recently revised their Q3 forecast slightly upward to 18.50 (prev. 18.20).
  • This reflects their expectations of an earlier start of the easing cycle following Banxico’s rate announcement last week. 
  • That said, CIBC recognize that the pair will remain prone to quick, albeit brief, spikes towards the 19.00-19.20 range, as constitutional reform discussions begin in Q3 and the US Presidential election race heats up.