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Local Assets Suffer Amid Higher US Yields

MEXICO

Bear steepening saw TIIE swap rates higher between 8-19 bps across the curve. Steady demand for USDMXN saw an unwind of last week's sell-off which has continued today. Now above last week's high of 20.2452, levels on the topside include 20.4950 and 20.60. A break of the latter would reinstate a bullish theme.

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