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November Economic Activity Data Rebounds, USDMXN Edges Higher

MEXICO
  • A stronger rebound for economic activity than expected with the annual figure hitting 1.66% versus -0.67% may slightly boost prospects for Q4 GDP, due on January 31.
  • USDMXN continues to edge away from touted support at 20.25/28 with the strength in broad dollar indices underpinning the pair ahead of the Fed. Gains are considered corrective, with resistance seen at 20.7603, Jan 6 high.
  • There is openness inside Mexico's government to addressing U.S. concerns about proposed Mexican legislation aimed at strengthening state control of the power market, U.S. Energy Secretary Jennifer Granholm said.
  • Retail Sales and Trade balance data will also be released this week.

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