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Souring Risk Sentiment Puts Pressure On MXN

MEXICO
  • A minor negative reaction for the Peso on Friday following a headline flashing that the U.S. has clashed with both Mexico and Canada over auto rules which could threaten the USMCA. Fundamentally, it's unlikely as the automobile regulations were agreed upon by the most powerful union in the U.S. and will most probably be a point the countries can get around.
  • Nonetheless, with equity indices and commodities firmly in the red to start the week, MXN has remained under pressure. Combined with broad dollar strength USDMXN is 0.5% higher on Monday.
    • Additionally, investors increased their short Mexican peso positions to the highest in three weeks, according to CFTC data.
  • Focus will be on Thursday's mid-month CPI figures for further clues on the potential path for central bank policy.
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