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MXN Underperforming EMFX Basket Ahead of Fed

MEXICO
  • USDMXN probed resistance at 20.6378, the Apr 28 high, throughout Tuesday’s session and despite today’s pressure on the greenback, the Mexican peso is underperforming the broader EMFX basket.
  • Banxico to offer as much as 30b pesos of Bondes F in extraordinary auction to regulate liquidity.
  • Central bank to present June report on financial stability. Presentation to start at 12:30pm Mexico city time.
  • It remains an extremely light week on the domestic data calendar, keeping local assets at the mercy of broader global developments as we approach today’s FOMC decision and latest summary of economic projections. Domestic focus centres around next Thursday’s Banxico decision.

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