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USDMXN Extends Bounce Off Lows. Prints 17.05

MEXICO
  • While USDMXN has extended Thursday’s bounce from 16.70 to briefly trade back above the 17 handle, this appears to be a technical correction with primary resistance at the 50-day EMA remaining further up around 17.25.
  • Bi-weekly inflation data is due on Monday where Core CPI is expected to dip to 6.70%.
  • JPMorgan have stated that the short-term inflation outlook has improved, but it is worth stressing that their view is that as the disinflation impulse fades, domestic demand and the increased relevance of consumption mostly on the back of wage policies will prove a big stumbling block for inflation to converge to, and persistently remain at, its pre-pandemic norm.
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