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MEXICO: CIBC Continue to Prefer Buying USDMXN Sub 20.10

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • CIBC have said they expect MXN to continue to gain ground as vols decline and carry plays come back on the table. However, CIBC do not see much appetite for a sustained USD/MXN move below the 20.10-20.20 range.
  • They would use such dip to reload short positions on the MXN ahead of a busy start of 2025 (tariff risks, credit rating concerns, lower domestic growth).
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  • CIBC have said they expect MXN to continue to gain ground as vols decline and carry plays come back on the table. However, CIBC do not see much appetite for a sustained USD/MXN move below the 20.10-20.20 range.
  • They would use such dip to reload short positions on the MXN ahead of a busy start of 2025 (tariff risks, credit rating concerns, lower domestic growth).