Forex - Mexico Flows: Looking for Consolidation Below 18.80

 11:10 (GMT) 12 Apr

  [Forex Flows]

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Mexico Flows: Looking for Consolidation Below 18.80 (0101-KLGV-C01)

MXN is coming 0.3% stronger from the overnight session, looking for consolidation below 18.80 before trying to break 18.75. Global backdrop is supportive with DXY losing 0.3% and S&P equity futures up 0.5% and with strong commodity prices gain. MXN has been the second emerging market outperformer, gaining 4.6% in the year, helped by the strong carry, especially after Banxico kept it hawkish stance and the US Fed shifted towards a dovish stance.

Locally, there is no data and in the US, Apr's preliminary Michigan CSI, which saw a strong bounce in Mar, will be worth watching. Also, Mar import prices.

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