A retest of late-July lows of 16.62 is not ruled out – SocGen

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Economists Société Générale analyze USD/MXN outlook ahead of Mexican first half-month inflation.

Mid-month CPI data is set to show further deceleration

The mid-month CPI data for Mexico is set to show further deceleration in the headline inflation to 4.61% from 4.78% and in core to 6.24% from 6.52%. The minutes of the recent Banxico meeting will also be in the spotlight for rate guidance. 

USD/MXN returned decisively below 17.00 and a retest of late-July lows of 16.62 is not ruled out.