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May Remittances, June Manufacturing PMI, Banxico Economist Survey Due

MEXICO
  • USDMXN is little changed Monday, with the pair broadly in line with pre-Banxico meeting levels last week around 18.35. The dovish dissent and dovish tilt to the statement at that meeting had weighed on the peso initially on Friday, with the USDMXN recovery extending to 18.60, before the pair retraced the move through Friday’s session. With the short-term parameters for the pair well defined, initial support now moves up to 18.1106, the 20-day EMA.
  • On the data front, May remittances will be published at 1600BST(1100ET), with analysts expecting an increase to $5.74bn, from $5.42bn in April. June manufacturing PMI will also cross at 1600BST, alongside the latest Banxico economist survey. This will be followed by IMEF manufacturing and non-manufacturing data for June at 1900BST(1400ET).
    • June S&P Global Mexico Manufacturing PMI, prior 51.2
    • May Remittances Total, est. $5.74b, prior $5.42b

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