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MXNJPY Continuing Ascent, Budget Balance Due

  • Focus today on the US data docket will be on initial jobless claims and the MNI Chicago PMI.
  • The Mexican Peso continues to trade with a bid tone amid following the December Banxico decision and the firm price action for global equity indices amid improved risk sentiment.
  • As noted yesterday, MXNJPY has been firmly trending higher. The string of positive sessions has resulted in MXNJPY currently testing above the November highs around 5.5856.
  • Further strength may target the downtrend resistance (drawn from the 2020 high) around 5.6350.
  • Mexico will release the year-to-date budget balance through November after the country’s deficit reached 351b pesos through October.
  • Agreement for the sale of operations in Costa Rica and El Salvador was signed with Cementos Progreso Holdings, through its subsidiaries, Cemex says in filing.

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