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MXN Optimism Consolidating

MEXICO
  • USDMXN stayed within Friday's range on Monday as recent strong performance for the Peso was consolidated amid some decent size option expiries. Additionally, Deputy Governor Esquivel's comments regarding Banxico's statement intending not to signal recent action as the start of a hiking cycle may have deflated MXN bulls somewhat.
  • Further expiries seen today at the NY cut may temper price action once more as we approach month-end and markets have one eye on the upcoming US payrolls report:
    • USDMXN – Mxn19.88($890mln)

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