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Mexico Second Quarter GDP Due, USDMXN Hovering Above 19.70 Support

  • USDMXN reached a two-week low as risk assets continued the rally following the FOMC press conference on Wednesday. The pair fell just short of noted support at 19.7059, Jun 25 low.
    • The Mexbol index rose to its first record high since 2017 on Thursday after the latest quarterly earnings pointed to a solid recovery in Latin America's second-biggest economy.
    • The index rose 0.9% to its highest intraday level on record, surpassing a previous best in July 2017.
    • Additionally, Mexico finance ministry published a projection of 2021 growth at 6% according to Economista.
  • This comes as Mexico is expected to post preliminary 2Q GDP:
    • 1200BST/0700ET – Mexico Q2 GDP SA (Est. 1.8% Q/q vs. 0.8% Prior)
    • 1200BST/0700ET – Mexico Q2 GDP SA (Est. 19.8% Y/y vs. -3.6% Prior)

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