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Subway Collapse Dominates Headlines, USDMXN 20.02/32 Range Defined

MEXICO
  • Local headlines continue to be dominated by the collapsed subway accident. Out late yesterday: Some 8,000 workers from the Mexico City subway system are preparing to strike following the collapse of a metro track that killed 24 people, according to ADN 40 reporter Manuel Lopez San Martin.
    • Strike is "imminent" as workers of all 12 lines of the metro will protest for lack of maintenance and bad conditions of the system: ADN40
    • For reference, the metro system serves roughly 1.5 billion people every year
  • USDMXN being driven by broader global sentiment and fluctuations in the dollar. Multiple tests of 20.3250 on Tuesday is short-term resistance with 20.02 acting as support as we approach local CPI data and US Non-Farms on Friday before Banxico next week.

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