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Commerzbank note, even though the......>

MEXICAN PESO
MEXICAN PESO: Commerzbank note, even though the peso has recently recovered
against the USD, we remain sceptical and see the peso weaker in the coming
months. The high level of interest rates and a credible central bank are factors
in favour of a stronger peso. But the numerous risks make the peso vulnerable:
1) Domestic risks due to the unpredictable policies of the Mexican President
Andres Manuel Lopez Obrador. 2) External risks such as possible trade conflicts
with the US. 3) Economic risks after the weak GDP figures for the first quarter.
- Against this backdrop, we are sticking to our forecast and expect USD-MXN to
trade above the 19.00 mark in the coming quarters.

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