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April Unemployment Rate, USDMXN Edging Lower Amid Positive Sentiment

MEXICO
  • Firmer risk sentiment and the notable uptick for the likes of AUD and CNH are underpinning some MXN strength on Friday ahead of the US payrolls report. The Peso’s resiliency profile is once again gaining traction with the clear focus on the bear trigger at 17.4207, May 15 low. Unemployment in April is expected to have been 2.73%, slightly above from 2.39% in March, according to economists in a Bloomberg survey. Data released at 1300BST/0800ET.
  • On Thursday, Banxico minutes added little extra to the May 18 policy statement, with the board reiterating that Mexico will need a prolonged stretch of restrictive monetary policy to get inflation back to target.
  • Mexico has talked to some of the world’s biggest manufacturers of cars, auto parts and steel about opportunities to invest in a narrow strip of land in southern Mexico, according to the nation’s top trade official.

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