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MEXICO: USDMXN Slips Back below 19.00, Banxico Floating-Bond Auctions

MEXICO
  • In line with the slightly softer greenback on Wednesday, USDMXN sits 0.36% lower on the session and is back below the 19.00 handle ahead of the US data. USDMXN has been unable to fully capitalise on the strong rally for equities on Tuesday, with the pair still remaining above last week’s lows around 18.80. Technical support to watch lies at 18.7676, the 20-day EMA.
  • Nominal wages and ANTAD same-store sales data may cross today, however, the next major data release on the domestic docket is retail sales data next Tuesday. Today, Mexico’s central bank will sell floating IPAB bonds in two local debt auctions:
    • 6:05am local time: MXN1.7b of floating IPAB bonds due Aug. 5, 2027 and MXN 1.7b of floating IPAB bonds due May 10, 2029
    • 12pm local time: Mexico offers MXN1.5b in floating IPAB bonds due March 27, 2031
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