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☆ Mexico economy grows 0.9% in Q3 but momentum seen easing on tighter conditions
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

Nov 25 (Reuters) - Mexico's economy grew 0.9% in the third quarter from the previous three-month period, national statistics agency INEGI said on Friday, boosted mainly by the primary sector and despite an ongoing aggressive monetary tightening cycle. Repeating a trend seen in the previous quarter, Latin America's second-largest economy posted across-the-board growth in the period, with primary, secondary and tertiary sectors expanding 2%, 0.6% and 1.1%, respectively. Tighter monetary conditions, however, are seen slowing down Mexico's GDP growth ahead, and President Andres Manuel Lopez Obrador has recently asked the central bank to balance fighting inflation with the need to protect economic growth. In annual terms, INEGI said, the country's economy expanded 4.3% in the third quarter compared to a year earlier, beating expectations of 4.1% growth from economists polled by Reuters. Separately, data showed on Friday that Mexico's economic activity grew 0.7% in September from August and 5.2% from September of 2021, both also ahead of market projections.

☆ Mexico headline inflation seen easing in early November, core inflation up
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

The median forecast of 16 analysts sees annual headline inflation slowing to 8.24% from the 8.28% recorded in the second half of October. While annual inflation continues its deceleration from a peak of 8.77% in the second half of August, core inflation is now expected to rise to 8.60%, a level not seen since August 2000. Meanwhile, headline consumer prices are expected to have risen 0.65% in the period. The forecasts keep annual inflation far above the Bank of Mexico's target of 3% plus or minus one percentage point. Mexico's statistics institute will release inflation data for the first half of November on Thursday at 6 a.m. (1200 GMT).

☆ Mexico president confirms nomination of cenbanker Esquivel for IDB chief
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 10 (Reuters) - Mexican President Andres Manuel Lopez Obrador confirmed on Thursday the nomination of Bank of Mexico Deputy Governor Gerardo Esquivel for the presidency of the Inter-American Development Bank (IDB), Latin America's main lending arm. "I promise to do my best in the process of running for the appointment," Esquivel said in a series of tweets on Thursday evening. Esquivel's term at the Bank of Mexico is currently set to end in December, though he could be asked to stay on. The former chief of the IDB, Mauricio Claver-Carone, was sacked in September after an investigation found he had had an intimate relationship with a subordinate. Reporting by Mexico City Newsroom; Additional reporting by Kylie Madry; editing by Cassandra Garrison and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

MEXICO CITY, Nov 10 (Reuters) - The Bank of Mexico hiked its key interest rate by 75 basis points to a record 10.00% on Thursday, in line with forecasts and following in the footsteps of the U.S. Federal Reserve's recent three-quarters of a percentage point increase. In a departure from recent decisions, the bank's five board members did not vote unanimously for the increase, with Deputy Governor Gerardo Esquivel voting to hike the key rate by 50 basis points. The bank has raised its target rate by 600 basis points since June 2021, as inflation has blown past Banxico's target rate of 3%, plus or minus one percentage point. Inflation in Mexico slowed in October, official data on Wednesday showed, reaching an annual headline rate of 8.41%, down from the 8.7% annual rate the prior month. Reporting by Anthony Esposito and Brendan O'Boyle; Editing by Christian Plumb and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico nominates central banker Esquivel for IDB presidency -sources
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY/WASHINGTON, Nov 9 (Reuters) - Mexico has nominated Mexican central bank board member Gerardo Esquivel for the presidency of the Inter-American Development Bank (IDB), four people familiar with the matter said on Wednesday. Headquartered in Washington, the IDB is a key investor in Latin America and the Caribbean. Esquivel, 56, is regarded as perhaps the most doveish member of the board of the Bank of Mexico (Banxico), and his term there is currently scheduled to conclude in December. Former IDB President Mauricio Claver-Carone, the only American president in the bank's history, was fired in September after an investigation showed he had an intimate relationship with a subordinate, Reuters exclusively reported. ET on Nov. 11, with the bank's governors to vote on the next president early on Nov. 20, an IDB official said.

☆ Mexican headline inflation seen easing in October, core inflation up
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 7 (Reuters) - Mexican inflation is expected to have moderated in October but remained well above the central bank's target, a Reuters poll showed Monday, likely cementing forecasts monetary policy makers will again hike the benchmark interest rate. The median forecast of 16 analysts sees annual inflation at 8.46% in October, down from a 22-year high of 8.70% registered in September and August. The closely watched annual core inflation rate, which strips out some volatile food and energy prices, was forecast to hit 8.44% in October, its highest level since August 2000 and up from 8.28% in September, according to the poll. (MXCCPI=ECI)In October alone, Mexican consumer prices are estimated to have increased by 0.61% from the previous month, while the median projection for monthly core inflation was seen at 0.65%. Reporting by Noe Torres; Additional reporting by Gabriel Burin in Buenos Aires Editing by Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ Mexican headline inflation slows in early October, core index still a concern
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +3 min

An employee prepares dough to make tortillas at a tortilla stall in Ozumba de Alzate, State of Mexico, Mexico, May 24, 2022. Headline annual inflation in Latin America's second-largest economy inched down to 8.53% from 8.64% in the second half of September, also undershooting the consensus forecast of a Reuters poll for a rate of 8.63%. Compared with the previous two-week period, Mexican consumer prices rose by 0.44% in early October, the data showed. The core price index, which strips out some volatile food and energy prices, climbed 0.42% in early October, slightly above market expectations for 0.35%. Annual core inflation was 8.39%, above forecasts for 8.31%.

☆ Punishingly strong dollar is still a fair trade
▼ + stars: | 2022-10-13 | by ( John Foley | ) www.reuters.com time to read: +6 min

NEW YORK, Oct 13 (Reuters Breakingviews) - Everybody wants the dollar; everybody hates the dollar. That makes dollar assets relatively more attractive and puts pressure on other central banks to raise rates too. The strong dollar kicks other countries in the shins, with varying degrees of pain. Follow @johnsfoley on TwitterCONTEXT NEWSThe International Monetary Fund and World Bank are holding their annual meetings in Washington from Oct. 10 to Oct. 16. The dollar is up 21% since October 2020, according to the U.S. Dollar Currency Index, which measures the greenback against a basket of six currencies.

☆ Mexican inflation seen at 8.71% in first half of September
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

The median forecast of 17 analysts projected annual inflation at 8.71%, down from 8.77% in the second half of August, when it reached its highest level since late 2000. Annual core inflation, which strips out some volatile food and energy prices, is forecast to reach 8.28% in the month's first. (MXCPIC=ECI)Mexican consumer prices are estimated to have increased by 0.37% in the first half of September compared to the previous half-month period, with core inflation seen rising 0.44%, according to the Reuters poll. (MXCPIF=ECI), (MXCPIH=ECI)Mexico's national statistics agency INEGI will publish consumer price data for the first half of September on Thursday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Noe Torres; Additional reporting by Gabriel Burin in Buenos Aires; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

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