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USDMXN Continues Descent (Down 1.75%)

MEXICO
  • USDMXN continues its descent (Down 1.73%) following the positive news regarding the delay and subsequent likely change/removal of the Banxico Bill.
  • The changes would be possible to "make the bill more feasible and will allow us to have a reform that resolves the problem fully", according to the lower house majority leader, Ignacio Mier.
  • If the move were to extend lower, levels to note on the downside include 19.82 (Dec 10 low) and important support at 19.70 ahead of the FED tomorrow evening.

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