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Banxico Minutes, Mid-Month CPI and Activity Data All Due This Week

MEXICO
  • After a quiet start to the week, Mexico is set to publish retail sales, mid-Novemebr CPI, GDP & current account data this week. Additionally, the central bank minutes will be released Thursday which could shed light on the committee’s decision to tweak the guidance in a slightly more dovish direction.
  • The aforementioned greenback weakness and equities resilience continues to provide an optimistic backdrop for EM currencies which helped USDMXN trade sharply lower last week, extending the reversal from last 17.9394, the Nov 10 high. The move lower confirms the end of the recent Nov 3 - 10 corrective bounce and the break of support at 17.2833, the Nov 3 low, confirms a resumption of the current bear cycle and opens 16.9988, the Sep 20 low.

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