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USDCAD TECHS

Corrective Bounce

US TSYS

10Y Real Yields Close To Mar’21 Highs

US EURODLR OPTIONS

BLOCK, Conditional Curve Flattener

PIPELINE

$5.5B Citigroup, $3.5B JP Morgan Debt Issuance

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  • The Mexican peso continues to enjoy a relief rally, following the significant vertical sell-off at the back end of last week. Uncertainties were highlighted following the announcement of Victoria Rodriguez as the new Banxico Governor nominee and these uncertainties were intensified by the slight to quality surrounding the initial Omicron panic.
    • USDMXN is pinned to the lows of the day back below 21.30, however, short-term dips are considered corrective and a strong short-term support is seen at 20.9790.
  • Three key things in focus on Wednesday:
  • The central bank will release its quarterly inflation report with outlooks on growth, inflation and jobs. Bloomberg currently has the report release time as 1800GMT/1300ET.
  • Secondly, Banxico governor nominee Victoria Rodriguez Ceja will appear before the senate as questions remain about her monetary policy experience.
  • Finally, markets will examine the latest central bank economist survey due around 1500GMT/1000ET. Analysts will be especially focused on whether short-term inflation dynamics begin to contaminate medium-term inflation expectations.