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MEXICAN PESO: USD/MXN falling further, hitting fresh lows at 18.9117 as the USD
remains weak post-GDP data and as the MXN outperforms all others in LatAm space
(excepting ARS). Better-than-expected economic activity data helped also, with
M/M and Y/Y figure beating expectations. Implied vols (as is the case across
most DM and EMFX so far Friday) are falling, dipping back below the 10 points
mark after a modest recovery earlier in the week.
-Contrasting with the spot rate today, risk reversals continue to edge higher,
touching the best levels since late March today, with focus turning to a major
option expiry rolling off on Apr30, with $1.88bln due to roll-off at 19.00.
-Worth noting that yesterday, JPMorgan added MXN to their 'underweight' category
due to unattractive valuations, slating the currency to underperform LatAm FX on
which it holds a neutral rating.
-GDP and manufacturing PMI data due next week takes focus from here, due on
Tuesday and Thursday respectively.