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USDMXN Consolidates Ahead Of FOMC, GDP Data Tuesday

MEXICO
  • USDMXN continues to consolidate below the 19.00 mark and above the 18.52 lows from the early onset of the pandemic in 2020. Fourth quarter preliminary GDP data, scheduled for Tuesday, headlines the domestic docket with the Fed decision/statement and US NFP likely to be the main driver of global sentiment.
  • Pemex bonds traded in a volatile manner last week as investors questioned how the company will pay off billions of dollars of debt amortizations due over the coming months. President AMLO said Friday that the government could potentially assume some of Pemex’s obligations or cut the company’s taxes.
    • Despite an official debt transfer likely requiring a constitutional change, his words brought relief to investors, who’d been spooked earlier in the week by reports of the oil giant’s plans to sell at least $2 billion in bonds.
  • The Finance Ministry will hold a press conference today on the economic situation and the state of public debt. Event to start at 1800GMT/1300ET.
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