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USDMXN Holds Narrow Range Overnight, Focus On US Retail Sales

MEXICO
  • Despite the weaker growth data from China overnight, FX markets are trading with a relative sense of calm on Friday, compared to the substantial volatility witnessed throughout the week.
    • As such, USDMXN remains close to unchanged after holding resistance yesterday between 21.00 and 21.1071, the 1.00 projection of the May 30 - Jun 16 - 27 price swing.
  • Focus is on the June US retail sales reading as well as the import/export price indices. The prelim read for University of Michigan sentiment data will be a highlight considering the Fed's focus on the inflation expectations element of the survey.
    • Central bank speakers today include Fed's Bostic, Bullard & Bailey as well as ECB's Rehn.
  • Elsewhere, non-bank lender Credito Real SAB said a Mexican court has ordered it to liquidate following legal action brought by a shareholder.
    • The ruling came just as the payroll lender faced a deadline on Thursday to respond to motion by creditors to force Credito Real into bankruptcy in the US.
    • A liquidator has been appointed and has assumed office, a filing says.
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