墨西哥10年期国债 (Mexico10Y) 加自选

尽管Banxico将利率下调50个基点至8%，但墨西哥比索兑美元汇率仍上涨至18.86，徘徊在十个月高点，正如广泛报道的那样，这是在美国国债收益率下降和美元走软的背景下发生的，这只是适度缩小了墨西哥的息差。在美联储的耐心信号将美元指数推至两年低点后，全球投资者一直在转向收益率更高的新兴市场资产，而墨西哥的实际利率前景在经过4.5%的同比整体通胀和4.2%的核心CPI调整后，仍然是20国集团中最具吸引力的。5月份强劲的贸易和财政流入，包括10亿美元的外部盈余和7%的收入增长，支撑了比索需求，同时出现了第二季度GDP扩张的迹象。最后，Banxico承诺，如果通胀偏离其3%的目标，将重新收紧货币政策，这增强了人们对其稳定政策框架的信心。

The Mexican peso strengthened toward 18.86 per USD, hovering at ten-month highs despite Banxico’s 50 bp rate cut to 8%, as widely telegraphed and occurred in a context of falling US Treasury yields and a softer dollar, which narrowed Mexico’s interest-rate differential only modestly. Global investors have been recycling into higher-yielding emerging-market assets after Fed signals of patience pushed the dollar index to two-year lows, while Mexico’s real-rate outlook remains among the most attractive in the G20 once adjusted for its 4.5% year-on-year headline inflation and 4.2% core CPI. Robust May trade and fiscal inflows, including a $1 billion external surplus and 7% revenue growth, have underpinned peso demand alongside signs of Q2 GDP expansion. Finally, Banxico’s pledge to re-tighten should inflation deviate from its 3% goal has reinforced confidence in its steady policy framework.