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- USD/MXN opens lower in line with early selling pressure on the greenback, tracking broad risk sentiment.
- Oil markets have pulled back a portion of the early weakness caused by a 4m barrel rise in US gasoline stockpiles.
- USD/MXN price action managed to hold below the 100dma in yesterday's session and may continue to trade heavily towards the 20.00 handle in the coming sessions, provided risk sentiment remains accommodative.
- Focus today on local March CPI expected print at 4.67%, breaking above the central bank target's outer limit for the first time since October.
- Recent overshooting pressures in CPI has forced Banxico to question its dovish rates trajectory in recent weeks, with an upside surprise beyond estimates holding potential for markets to scale back some dovishness in Banxico's value function.
- Additionally, the Banxico minutes (1500BST) will provide clues as to whether the MPC is unanimous in its decision to hold and if they foresee any additional easing in the pipeline for 2021 as transitory price pressures recede.
- Intraday Sup1: 20.1272, Sup2: 20.0241, Sup3: 19.8924, Res1: 20.2768, Res2: 20.3826