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Peso Coils As Mexico Prints Record-Smashing Trade Deficit

Courtesy of ZeroHedge. View original post here.

The peso can’t make its mind up as the Powell headlines, ECB comments, and US data power the dollar up and down; but the general tendency is lower as Mexico just printed a massive $4.4bn trade deficit in January – its largest ever.

Expectations were for a -$3.44bn deficit… they smashed that record…

(12 estimates ranged from $3.92bn deficit to $2.52bn deficit)

The biggest driver was a collapse in exports (down 14% MoM).

And for now, FX traders (and their favorite algos) can’t decide what to do…

This is preliminary data.


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