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Bi-Weekly CPI Data Due

MEXICO
  • The Mexican peso rallied more than 1% against the dollar yesterday, breaking back below the 17.0 level, where it continues to hold this morning. Some analysts have highlighted that last week’s significant volatility for MXN may have cleaned out short-term positioning for a potential return lower. BBVA note that while carry will eventually erode, recent hawkish messaging from Banxico may have tilted the balance for investors to continue engaging in carry trades.
  • Bi-weekly CPI data for the first half of April will be released at 1300BST(0800ET), with analysts looking for the headline rate to tick up to 4.51% y/y, from 4.37%, even as the core rate edges down to 4.38% y/y, from 4.41%. Itaú expect headline inflation to be pressured by volatile fruit and vegetable and energy prices, which will likely be more than offset by the seasonal subsidy to electricity tariffs. They also expect core inflation to ease further, dragged by core goods and other services. Separately, the Bloomberg Insights Summit Mexico kicks off at 1200BST today.
    • April Bi-Weekly CPI YoY, est. 4.51%, prior 4.37%
    • April Bi-Weekly Core CPI YoY, est. 4.38%, prior 4.41%
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