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Quotes from BofA Merrill Lynch Global Research:
- The Mexican peso is our preferred currency to buy in Latin America, and we are long MXN/CLP. Our rationale to buy MXN is based on fundamental valuation, expected monetary policy and exposure to global shocks.
- Our currency models suggest MXN is 6-9% undervalued relative to CLP. And these models do not fully capture the positive effects of the structural reforms being implemented in Mexico, which could increase Mexico's growth potential to 4% from 3% currently. An extraordinary congressional session in May is likely for the approval of the energy reform's secondary legislation, and the bulk of foreign investment in the sector is expected for 2016.
