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CFTC Data Indicates Increasing MXN Shorts, Unemployment Rate Due

MEXICO
  • According to CFTC data, indications are that investors increased their short Mexican peso positions to the highest level in four weeks.
    • Non-commercial investors were short MXN to the tune of 28,421 contracts in the week ending July 20, the highest since June 22.
    • Leveraged funds trimmed their long peso positions for a second week while institutional investors added them for a fourth week.
  • A busy week for domestic data kicks off with June unemployment rate shortly and includes Q2 GDP on Friday. Some two-way price action this morning, saw USDMXN pop to 20.1651 highs before reversing and residing close to unchanged for the week.
    • 1200BST/0700ET - Mexico June Unemployment Rate NSA (Est.4.48% vs.3.99% Prior)
  • Mexico is analyzing an increase in import quotas for food items including corn to help slow inflation if it doesn't ease as expected, according to the nation's top trade official. (Bloomberg)
    • The country is studying measures to increase market competition, just as it did for products including chicken, pork, beef and gas, Mexican Economy Minister Tatiana Clouthier said in an interview in Washington on Friday.

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