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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The Mexican Treasury and central bank's FX commission announced some measures to provide liquidity in FX markets.
- Daily auction without minimum price: increase from 52mn to 200mn USDMXN.
- Daily auction with minimum price: decrease in the minimum price from 1.5% to 1.0% above last FIX.
These measures signal the discomfort of the Mexican Treasury and the central bank regarding the recent MXN weakness. Even though USDMXN volatility remains contained and the cross has not underperformed most of its LatAm peers, the FX commission's concerns have likely increased as the timing for a lift-off in Fed policy rates draws near.
These measures are meant to act as partial substitutes for the rate hikes already priced into the short-end of the TIIE curve. These add to recent moves by Banxico to adjust its monetary policy meeting calendar so as to take decisions right after the FOMC meetings. Although rate hikes will be deployed, authorities are reminding the markets that it has other tools available to tackle FX market instability.
The disappointing performance of the Mexican economy, along with very low inflation and muted pass-through, could be a few reasons the central bank may not want to tighten monetary conditions as fast as implied in the term structure of the interest rate curve.
"USDMXN has reached our target of 16.50 a few months too early (this was forecast for end-2015). The FX commission's announcement and heavy short positioning in MXN argue for staying on the sidelines. We see 15.85-90 as a good entry point to go long USDMXN once again," notes Barclays.
