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Focus On Q2 GDP, FOMC Rate Decision This Week

MEXICO
  • The Mexican peso is trading in a relatively tight range against the dollar at the start of this week, after coming under pressure last week amidst an unwind of carry trades in the face of JPY short-covering. USDMXN stabilised around 18.46 on Friday, but the latest recovery highlights a bullish development and the end of a corrective cycle between Jun 12 - Jul 12. Notable resistance is at 18.5988, the Jun 28 high. Initial support is at 18.1157, the 20-day EMA.
  • No macro data are due today, with focus this week on Q2 GDP tomorrow and the FOMC interest rate decision on Wednesday. Mexico will also release latest PMI data later this week, as well as June unemployment data, while Banxico will publish its latest economist survey on Thursday.
  • Meanwhile, Economy Minister Buenrostro is due to host an event about women and exports in Mexico City at 1630BST(1130ET).

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