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USDMXN Rises To Session Highs Despite Broader Greenback Weakness

MEXICO
  • Monitoring a notable uptick in USDMXN over the past 45 minutes amid the weakness in equities, bouncing from 17.10 to 17.20 which is relatively interesting against a context of broad greenback weakness and lower yields.
    • As mentioned, initial support at 17.05 continues to hold, and any further strength will place the immediate focus on a cluster of short-term highs around 17.26/27, before 17.3860, the Jan 17 high.
  • Domestic data just released, Mexico's bank loans were MXN6.022t in December, according to Mexico Central Bank. Loans to companies were MXN3.144t. Consumer credit was MXN1.414t. (Bloomberg)

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