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Subdued Price Action For MXN As Markets Await Inflation Data

MEXICO
  • Yesterday's continued pressure on US equity indices prompted USDMXN to edge higher overnight to peak at 20.0843. Overall, price action seems lacklustre and there have been no substantial changes to the technical picture. Price would need to get above 20.2153, Jun 24 high to alter the picture.
  • Today we will see the Citibanamex Survey of Economists, however, the focus is firmly on the mid-month CPI reading on Thursday.
  • 11:30am local - Central bank to post auction results of:
    • 10b pesos of 28-day Cetes, 11b pesos of 91-day Cetes
    • 13b pesos of 175-day Cetes, 7.5b pesos of 343-day Cetes
    • 2b pesos of Bondes D due June 2026
    • 6b pesos of Mbonos due Sept. 2024
    • 1.15b udis of inflation-linked bonds due Nov. 2050

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