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USDMXN Trading With Moderate Downward Bias, Back Below 50-day EMA

MEXICO
  • Following Monday’s brief pop to 17.18, USDMXN continues to slowly edge back towards the lowest levels of the week, just above the 17.00 handle. The pair has traded back through support at the 50-day EMA, undermining the recent bullish theme, which may signal scope for a deeper pullback. Major support remains at 16.6262, the Jul 28 low.
  • Today, Citibanamex will release its latest biweekly survey of economists’ expectations, after raising the 2023 GDP estimate to 3.10% from 2.90%. Later this week, July retail sales and economic activity will be published before Mid-September inflation data.

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