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MXN Underperforming To Start The Week

MEXICO
  • Despite a more optimistic tone across currency markets, major equity indices stalling on Monday is weighing on the Mexican peso which has failed to build on momentum following some recent key technical breaks lower in USDMXN. The next firm resistance is seen at 19.6380, the 50-day EMA.
  • Mexico’s Economy Minister Raquel Buenrostro met with US Commerce Secretary Gina M. Raimondo in Washington late Friday and discussed relocating companies and strengthening supply chains. Both officials agreed main axes of economic development include energy, food and national security.
  • November consumer confidence data just printed at 41.7, above last month’s reading of 41.0. Focus will be on Thursday’s inflation data ahead of Banxico’s decision on December 15.

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