Francesco Pesole, FX strategist at ING, points out that the Mexican currency is steady amongst top performers in the emerging market space across the last few days.
“Today, focus will be on June's CPI number, with the 4% level in the year-on-year headline print to prove crucial in directing speculation about possible Banxico monetary easing ahead. We suspect market easing expectations (54bp priced in for the next six months) may prove excessive should inflation fail to materially surprise to the downside. In turn, we see some scope for further MXN appreciation and expect USD/MXN to keep descending towards this year's low of 18.7544.”
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