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USDMXN 1.5% Off Wednesday Lows, Bi-Weekly Inflation Due

MEXICO
  • Events overnight naturally weighing on emerging market FX and in turn, USDMXN has seen a 1.5% squeeze from Wednesday’s lowest point.
  • With the focus perhaps turning to the topside amid potential further dollar strength and weighing risk sentiment, the most obvious resistance point remains unchanged at 20.9141. A break of the level would highlight a potential reversal from the most recent bearish technical outlook.
  • We do have some domestic data points at the top of the hour that will likely be inconsequential, given the more prominent global drivers in play.
  • Inflation in the first half of February is expected to have accelerated to 7.17% y/y from 7.01% previously, in what would be the first uptick since it started to moderate in the latter half of November. Additionally, Banxico minutes will be released later in the day.
    • 1200GMT/0700ET: Feb. Bi- Weekly Core CPI, est. 0.33%, prior 0.35%
    • 1200GMT/0700ET: Feb. Bi-Weekly Core CPI YoY, est. 6.42%, prior 6.30%
    • 1200GMT/0700ET: Feb. Bi-Weekly CPI, est. 0.37%, prior 0.39%
    • 1200GMT/0700ET: Feb. Bi-Weekly CPI YoY, est. 7.17%, prior 7.01%
    • 1200GMT/0700ET: Dec. Retail Sales MoM, est. 0.3%, prior 0.9%
    • 1200GMT/0700ET: Dec. Retail Sales YoY, est. 6%, prior 5.4%
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