USD/MXN has ticked higher and last.....>

MEXICAN PESO: USD/MXN has ticked higher and last trades at MXN22.8432, 480 pips

better off, as the greenback has firmer up. Focus turns to a monetary policy

decision from the Banxico, scheduled for later today. Consensus expectation of

analysts surveyed by BBG is for a 50bp cut to benchmark interest rate.

- In the lead-up to the central bank's MonPol decision, Mexico reported

above-forecast CPI inflation on Wednesday.

- Elsewhere, Mexican President AMLO said he will probably meet with U.S.

President Trump soon. He added that he would like Canadian PM Trudeau to join

the meeting, in order to formally launch the tripartite USMCA trade deal.

- USD/MXN has already punched through yesterday's highs and bulls continue to

target Jun 12 high of MXN22.9452. A break above that level would open up the

50-DMA at MXN23.1639. Bears look for a pullback under the 100-DMA, last at

MXN22.3961, which has provided support in the recent days. Below there would

expose Jun 16 low of MXN21.8940.

- Worth flagging that Mexico reports retail sales data later today, with trade

balance due on Friday.