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GDP, Econ Activity Data Mixed

MEXICO
  • Mexican GDP and Economic Activity data was mixed, with Q/Q GDP and Y/Y Econ Activity numbers beating expectations, while there were downside revisions to nominal GDP and monthly activity data.
  • The country's COVID outlook continues to improve, with the 7-day average rise in COVID cases hitting new 2021 lows and the lowest level since May last year.
  • MXN trades very modestly firmer, but wholly inside the week's range so far. Initial support for USD/MXN sits at 19.812 ahead of firmer support expected at the May low of 19.718.
  • There's little left on the schedule Wednesday, although some market focus will continue to be paid to the second day of the Fitch on Mexico conference, with comments expected throughout the day.

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