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AMLO Video Eases Concerns Over His Health, Trade Balance Data Due

MEXICO
  • President Andres Manuel Lopez Obrador recorded an 18-minute video at the National Palace in Mexico City where he said that he’s fine and working amid his third positive Covid-19 diagnosis. This was his first public appearance since Sunday.
  • The poorer risk sentiment throughout global markets this week has dented MXN optimism and dips below 18.00 for USDMXN remain well supported. Initial firm resistance is at 18.4011, the Apr 5 high. The focus remains on next key support at 17.8981, the Mar 9 low.
  • March trade data are likely to show that activity and domestic demand are still rising. Exports will benefit from recovering US industrial production, with nearshoring to Mexico supporting higher capital-goods imports and higher exports. Data is due at 1300BST/0800ET:
    • March Trade Balance, est. -$900m, prior -$1.84b

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