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Strong US Data Boosts Dollar, USDMXN At Session Highs Ahead of Minutes

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  • The S&P Global US PMIs saw a large upside surprise in the flash May release, indicating its sharpest growth for just over two years, driven by services. In sympathy, US yields have shifted higher and the greenback is strengthening in tandem.
  • For USDMXN, we have seen a moderate uptick in recent trade, however, session ranges remain on the narrow side following the plethora of domestic data earlier today. Overall, the pair is sustaining a recovery, with 16.50 support holding this week and spot roughly 1% higher around 16.6750. Initial resistance comes in at 16.8285, the 50-day EMA.
  • As a reminder, Banxico minutes are due in just under an hour at 1600BST/1100ET. This follows the unanimous decision to hold rates earlier this month, as well as significantly revise up 2024 inflation forecasts and delay the convergence of inflation to target to end-2025.
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  • The S&P Global US PMIs saw a large upside surprise in the flash May release, indicating its sharpest growth for just over two years, driven by services. In sympathy, US yields have shifted higher and the greenback is strengthening in tandem.
  • For USDMXN, we have seen a moderate uptick in recent trade, however, session ranges remain on the narrow side following the plethora of domestic data earlier today. Overall, the pair is sustaining a recovery, with 16.50 support holding this week and spot roughly 1% higher around 16.6750. Initial resistance comes in at 16.8285, the 50-day EMA.
  • As a reminder, Banxico minutes are due in just under an hour at 1600BST/1100ET. This follows the unanimous decision to hold rates earlier this month, as well as significantly revise up 2024 inflation forecasts and delay the convergence of inflation to target to end-2025.