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USD/MXN Breaks Above Key Level, Close Above Would be First in Months

MXN
  • Early USD demand across the European open working well against EM currencies, with the greenback higher against most others in CEEMEA. Interestingly, the move in the greenback is independent of bond yields at these levels, as the front-end and belly of the US curve sits broadly flat vs. Yesterday's close.
  • USD/MXN a notable mover outside of regular market hours, as spot prints the best levels since Nov15 and trades above the 100-dma at 17.3649 for the first time in two weeks. A close at current or higher levels would be the first break about the mark since September, which coincided with the >5% rally to October highs.

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