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MXN Back Under Pressure, Banxico Minutes

MEXICO
  • Overnight, the Health Ministry announced Mexico expects to receive 106m doses of vaccine against the coronavirus by the end of May across varying contracts.
  • Interesting to note the underperformance of the Bloomberg Dollar Index relative to the Dollar Index. Non-dollar G10 optimism not being shared by EMFX bulls amid rising US yields. After retracing some of it's losses, MXN is under pressure once more with USDMXN gaining 1.2%. Notably, EURMXN is up 1.8% and is in close proximity to the daily down trendline that comes in around 25.27.
  • DATA/EVENT RISK: Full docket at the top of the hour followed by central bank minutes where markets will look to extrapolate any new information following the unanimous decision to cut rates earlier this month. Particular focus will be on the views of the newest board member, Galia Borja, as to whether she confirms the dovish tilt that has been assigned to her by analysts.
  • 1200GMT/0700ET:
  • Final Reading Q4 GDP expected 3.1% q/q; -4.5% y/y (NSA)
  • Economic Activity for December expected -0.2% m/m; -3.7% y/y
  • Unemployment Rate NSA for January expected 4.37% vs 3.80% prior
  • 1500GMT/1000ET - Banxico Minutes
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