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May Unemployment Rate, USDMXN Consolidating Above 17.00

MEXICO
  • USDMXN has spent the week consolidating towards the lowest levels of the most recent range. The downtrend remains intact and the current consolidation still appears to be a bear flag formation. If correct, this reinforces bearish conditions. Targets on the downside include 16.9791 and 16.7758, the 1.618 and 1.764 projections of the Jun 2 - Mar 9 - Mar 20 price swing. The 20-day EMA intersects at $17.2581 and represents the first resistance.
  • Unemployment in May is expected to have been 2.80%, slightly below from 2.82% in April, according to economists in a Bloomberg survey. Data released at 1300BST/0800ET. On Thursday, the finance ministry posted a presentation summarizing 3Q government bond sales.
  • Presentation here: https://www.finanzaspublicas.hacienda.gob.mx/work/...

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