Leslie Thalia Orozco Velez


Strategist, Fixed Income and FX @ Banorte

Leslie Orozco joined Banorte in September 2018 as Fixed-Income and FX Strategist in the Economic Research division. She analyzes government debt, foreign exchange and commodities. Before joining Banorte, Leslie earned experience covering financial markets, corporate finance, private equity, and financial planning in other private institutions. Leslie received a double major in Finance and Accounting from Instituto Tecnológico Autónomo de México (ITAM). She is currently participating in the CFA certification program (Level 1 passed).

Leslie Thalia Orozco Velez
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Latest from Leslie Thalia Orozco Velez

1H-September CPI – Likely pressured for longer, especially at the core component

Headline inflation rose 0.41% 2w/2w, surprising to the upside. The core climbed 0.44%, with higher goods and services. Thus, annual headline inflation was marginally lower from 8.77% to 8.76%, with the core at 8.27% from 8.13%. We revise our forecast...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 22 September 2022

Mexico: August CPI – Stays elevated even after considering seasonal pressures

Headline inflation grew 0.70% m/m, with the core at 0.80%. Pressures centered in goods, especially processed foods. As such, annual headline inflation picked up to 8.70% from 8.15%, with the core climbing to 8.05% (previous: 7.65%). Given this result...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 8 September 2022

Mexico: Banxico QR – Few changes on estimates and still with a hawkish stance

The document does not show a meaningful change in the central bank’s tone, maintaining a hawkish bias. We highlight the downward revision in 2023’s GDP, from 2.4% to 1.6%. Meanwhile 2022’s GDP forecast did not change. In this context, we maintain our...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 1 September 2022

Banxico Minutes – Debating the relative stance and the need for forcefulness

We perceived a slightly less hawkish tone relative to recent documents, while maintaining concerns on inflation. The debate focused on the upcoming decision, likely to be based on available data and Fed’s actions. We reiterate our call of +75bps on S...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 25 August 2022

Mexico: 1H-August CPI – Food items keep pushing annual rates higher

Headline inflation rose 0.42% 2w/2w, surprising higher once again. Most of the increase was driven by the core (0.49%). Hence, annual headline inflation reached 8.62% from 8.14%, with the core also higher at 7.97% from 7.75%. We reiterate our view of...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 24 August 2022

Banxico – Monetary stance reaches restrictive territory, but hikes will continue

Banxico increased the reference rate to 8.50% (+75bps), with a unanimous vote and in line with expectations. Inflation forecasts were adjusted again to the upside, but maintaining the convergence to the target by 1Q24. We reiterate our call that the....
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 11 August 2022

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Leslie Thalia Orozco Velez
Manuel Jimenez Zaldivar
Fixed Income - Sovereign
Juan Carlos Alderete Macal
Francisco Jose Flores Serrano
Alejandro Padilla Santana
Santiago Leal Singer