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Further Modest Greenback Weakness, USDMXN At Session Lows

US
  • Some further modest greenback weakness being seen following the plethora of US data and the Treasury’s refunding announcement. Not seeing much of an impact on the EM FX basket, which remains in positive territory and USDMXN hovering close to the day’s lowest levels.
  • The U.S. Treasury said Wednesday it would gradually increase nominal coupon auction sizes in February, March, and April, matching market consensus expectations. The agency flagged expectations it will not need any further increases beyond those announced today for "at least the next several quarters."
  • Seaparetly, the 3.5% annualized pace for the overall Employment Cost Index is the softest since 2Q21. Tomorrow’s labor productivity data (estimated at 2.5% ar after a booming 5.2% in Q3) will help guide implications for inflationary pressures.
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