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US Yields Slide Following Soft US Inflation Data in May, USDMXN Remains Resilient

US DATA
  • May US Core CPI 0.163% M/M (0.3% expected median, 0.28% expected unrounded, 0.3% prior)
  • NEGATIVE supercore - CPI Core Services Ex-Housing ("Supercore") - May
    • Core services excl OER & primary rents ('supercore'): -0.042% M/M after 0.422%. Latest 3mth av of 0.342%
    • Core services excl all shelter: -0.024% M/M after 0.452%. Latest 3mth av of 0.328%
    • Analyst estimates we had seen had averaged ~0.38-0.40% M/M, ranging from 0.34 (TD) to 0.48 (Nomura)
  • The greenback has seen some sharp weakness in G10 as front-end US yields are roughly 13bps lower on the session. The spike higher for equities is propelling the likes of AUD and NZD, both rising around 1% on the day.
  • With the domestic issues dominating in Mexico, USDMXN has remained resiliently bid and still trades up 1.30% on the day above 18.80.


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