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- Auctions results cross mid-morning, with Banxico selling Nov-47 Mbonos, Nov-23 Inflation-Linkers as well as shorter-dated Cetes.
- There is no economic data of note outside of weekly reserves data, which had been somewhat volatile following the government's purchase of dollars from the central bank.
- The biweekly Citibanamex survey also crosses. The previous survey saw 2021 GDP forecasts raised to 6.20% from 6.10%, while forecasting the Banxico to hike rates by 25bps to 4.75% on Sep 30th.
- USD/MXN continues to trade either side of the 200-dma at 20.1138, with markets partially reversing MXN's acute weakness Monday. USD/MXN now sits between the bull trigger at 20.2039 and first support of 20.0001 (the 100-dma).
- Despite the recovery in MXN spot, front-end vols remain elevated, with the 1m contract now close to 2 points clear of the 2021 low printed late last week.