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Renewed Greenback Strength Thwarts USDMXN Break Of 18.50

  • General USD weakness throughout the US session on Thursday prompted another test of 18.50 for USDMXN, with the pair briefly printing 18.4804. Late Fed comments stalled any downside momentum and has produced a subsequent bounce back to around 18.65.
  • BBVA’s Chief Mexico Economist, speaking at Bloomberg’s Mexico Outlook 2023 event on Thursday, stated that Banxico is likely to raise borrowing costs by another 25bps and then will not lower them until the US Federal Reserve does, most likely in 2024.
  • Friday caps off a very light domestic data week and focus now turns to December retail sales and mid-February CPI data, scheduled for release next Thursday.

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