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Industrial Production Beats Expectations, USDMXN Consolidates

MEXICO
  • The Mexican peso has been holding a tight range to start the week, consolidating around the 16.80 mark, following a tentative break below key support last Friday. The renewed MXN resilience might be tested during today’s key release of US CPI data.
  • The domestic focus will be on next week’s Banxico MPC meeting, when the central bank is set to discuss not only whether to initiate an interest rate-cutting cycle, but also how to communicate further steps. Today, Mexico’s industrial production rose 2.9% in January, above the 2.2% surveyed median estimate, up from a 0% increase in December.
  • Separately, the Swedish royal family is scheduled to arrive at the Palacio Nacional to meet with President AMLO this morning.

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