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MXN Recovers In Line With Equity Rebound, Inflation Due

  • USDMXN trades back to mid-Monday levels around 21.20 amid a more positive risk backdrop and the domestic focus turns to February inflation data. Core CPI is seen picking up to 6.58% Y/y and any further upside surprises will keep Banxico under pressure to continue with their 50bp hiking pace.
  • It is worth noting there will be one more bi-weekly CPI print scheduled to be released a few hours before the next Banxico meeting on March 24.
    • 1200GMT/0700ET: Feb. CPI M/m, est. 0.80%, prior 0.59%
    • 1200GMT/0700ET: Feb. CPI Y/y, est. 7.23%, prior 7.07%
    • 1200GMT/0700ET: Feb. CPI Core M/m, est. 0.75%, prior 0.62%
    • 1200GMT/0700ET: Feb. CPI Core Y/y, est. 6.58%, prior 6.21%
  • 1500GMT/1000ET: Economy Minister Tatiana Clouthier at seminar on Pacific Alliance; Colombia, Chile and Peru officials also to attend.
  • 1630GMT/1130ET: Finance Ministry to sell Bondes F and buy back Bondes D.
  • 1845GMT/1345ET: Foreign Minister Marcelo Ebrard opening remarks with his Spanish counterpart Jose Manuel Albares.

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