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USDCAD TECHS

Needle Still Points South

US TSYS

Yields Bounce as Equities Make New Monthly Highs

AUDUSD TECHS

Heading North

EURJPY TECHS

Bull Rally Accelerates

COLOMBIA

Economists Survey Raises 2021 CPI Forecast To 4.9%

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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.