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USDMXN Approaches Support Amid Greenback Weakness

MEXICO
  • With the USDMXN outlook remaining bearish, broad greenback weakness continues to underpin the Peso, exposing key short-term support at 19.7533, the Sep 12 low. Clearance of this level would strengthen bearish conditions and pave the way for a move towards 19.6185, the Jun 10 low.
  • To recap yesterday’s data, economic activity expanded 5.7% from the previous year, the most since July 2021, suggesting domestic activity is more resilient than expected. On a monthly basis, activity grew almost 1%, also above expectations.
    • Unemployment rate and trade balance data for September will be released tomorrow.

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