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Q1 GDP, February Gross Fixed Investment Due This Week

MEXICO
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  • USDMXN continues to consolidate just above 17.10 to start of the week, as the market waits for direction ahead of the US FOMC meeting on Wednesday. For now, attention is still on 17.3860, the Jan 17 high, which remains an important reversal trigger. A break, if seen, would be a bullish technical development. On the downside, initial support lies at 16.9137, the 20-day EMA.
  • In terms of the macro calendar, no releases are scheduled today, with the focus on Q1 GDP data tomorrow, followed by April PMI data on Thursday and gross fixed investment figures for February on Friday.
  • In other news, Pemex said in its Q1 earnings call that its flagship Dos Bocas refinery is set to begin diesel production in May. The company said that its domestic refining capacity has grown in recent months and is currently stable at around 1 million barrels per day. Meanwhile, Pemex reported that its profit slipped to just MXN 4.7bn in Q1, compared with MXN 56.7bn a year ago, as oil production declined further.
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  • USDMXN continues to consolidate just above 17.10 to start of the week, as the market waits for direction ahead of the US FOMC meeting on Wednesday. For now, attention is still on 17.3860, the Jan 17 high, which remains an important reversal trigger. A break, if seen, would be a bullish technical development. On the downside, initial support lies at 16.9137, the 20-day EMA.
  • In terms of the macro calendar, no releases are scheduled today, with the focus on Q1 GDP data tomorrow, followed by April PMI data on Thursday and gross fixed investment figures for February on Friday.
  • In other news, Pemex said in its Q1 earnings call that its flagship Dos Bocas refinery is set to begin diesel production in May. The company said that its domestic refining capacity has grown in recent months and is currently stable at around 1 million barrels per day. Meanwhile, Pemex reported that its profit slipped to just MXN 4.7bn in Q1, compared with MXN 56.7bn a year ago, as oil production declined further.