Macro Analysis /

1Q21 Outlook

  • We expect Mexico’s GDP and inflation at 4.1% y/y and 3.7%, respectively. Banxico would cut the rate by 75bps in 2021

  • We forecast Mexbol at 51,200pts and USD/MXN at 19.80 by year-end, with the latter reaching 19.00 by the end of 3Q21

  • We believe crude oil will exhibit an upward bias, with investors still favoring defensive sectors in corporate debt

Gabriel Casillas Olvera
Gabriel Casillas Olvera

Managing DirectorInvestor Relations Officer and Chief Economist

Manuel Jimenez Zaldivar
Juan Carlos Alderete Macal
Alejandro Padilla Santana
15 January 2021
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