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Lack Of Data/Option Expiries Keep MXN Range Contained

MEXICO
  • USDMXN traded a little firmer on the FOMC minutes up to 19.97, however, momentum waned overnight, and the pair has drifted back to around 19.90 where noted option expiries may be keeping price action muted. Another light day for data before the March retail sales report is published tomorrow.
  • OPTIONS: Some notable option expiries for May20 NY cut 1000ET (Source DTCC):
    • USD/MXN: Mxn19.88 ($980mln)
    • USD/MXN: May21 Mxn19.90 ($980mln-USD puts); May28 Mxn19.75($1.3bln-USD puts)
  • Citibanamex due to release its survey with economist forecasts for growth, inflation and when central bankers will move rates. Analysts previously raised their estimate for 2021 year-end inflation to 4.65% from 4.20%.

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