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A Case For USDMXN

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A Case For USDMXN

1M Bill Spreads And Core PCE

PetrTrades
Feb 23, 2023
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Was looking at treasury bill spreads between 1M MXN and USD and saw the ROC on MXN was getting quite big. It was 11% for 1 month coupons. Wild for such a developed country. As a result, USDMXN has gotten scorched.

cab00c83-cd06-40c4-8cd1-4b2cf171ffab.png

Here is a chart of the 1month bill spreads vs MXN (green)

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If Core PCE starts to come in hot and market starts to re-price pace of hikes, USDMXN could set up as a nice long given the DeMARK setups across the board.

Furthermore, with oil pricing in recession now, there are O&G MXN names completing big countdowns. VIST monthly for example.

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