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Fresh Trend Lows For USDMXN Below 18.30, Banxico Inflation Report Due

MEXICO
  • The weaker greenback and more positive sentiment across global markets has spurred on the rally for the Mexican peso on Wednesday. USDMXN has traded below last week’s lows to print 18.2410 overnight, strengthening the bearish outlook.
    • Note that moving average studies are in a bear mode set-up, highlighting current sentiment. Most recent price action opens a move towards the 18.00 handle and the 2018 lows at 17.9401. The 20-day EMA, at 18.5288, is the first resistance.
  • The main event on the local docket is the Banxico Quarterly Inflation Report. Governor Victoria Rodriguez Ceja will present the bank’s Q4 report at 1830GMT / 12:30 local. Remittances, Manufacturing PMI and IMEF Manufacturing Index data are also scheduled.
  • Tesla will hold its investor day where the company is expected to unveil more details on its new plant to be built in Monterrey. President AMLO announced the location at Tuesday’s daily press conference.
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