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Attention On USDMXN Downside Momentum, CPI Due Thursday

MEXICO
  • On Friday, USDMXN continued to trade with a downward bias and extended declines below the significant 18.50 support level. Furthermore, the pair gravitated below the 18.40 mark approaching the close, representing the lowest level for the pair since April 2018. Slightly firmer price action today, however, the daily range remains fairly tight with the US holiday capping volatility.
  • Bi-Weekly CPI data is due on Thursday, along with the latest Banxico minutes which may provide some more details on the hawkish decoupling from the Fed at the February meeting. Retail Sales and economic activity data is also due this week.

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