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MXN Under Short-Term Pressure As Dollar Bounces

MEXICO
  • FOMC day likely to limit ranges ahead of the announcement at 1900GMT/1400ET. The Bloomberg dollar index remains in marginal negative territory after yesterday’s strong bounce from the lows.
  • USDMXN was one of the biggest beneficiaries on Tuesday amid the dampened risk sentiment and buoyant greenback. Despite recently testing below support, yesterday’s risk-off tone prompted a sharp 1% squeeze back above 21.20. Short-term resistance comes in at the December 7 high, 21.3041 – however, more notable resistance is found at 21.5147, Dec 1 high.
  • While the Fed announcement will be of primary concern, we also have a Banxico decision tomorrow.
  • The full MNI preview, along with analyst views van be found here:
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