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MEXICO: MXN Trades on More Stable Footing, Yorio Speaks

MEXICO
  • There has been a solid daily range for USDMXN, close to 2%, in the aftermath of the Banxico decision late yesterday. The dovish dissent and dovish tilt to the statement had weighed on the peso initially, with the USDMXN recovery extending to 18.60. The initial rally for major equity indices overnight then helped USDMXN pull lower, and the moderate greenback weakness is helping to stabilise spot in recent trade, just below 18.30. With the short-term parameters for the pair well defined, initial support now moves up to 18.0626, the 20-day EMA.
  • Deputy Finance Minister Gabriel Yorio will appear at a forum on multilateral banking, starting at 1700BST/1200ET. Elsewhere, May Net Outstanding Loans data will cross one hour before.

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