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.
via Zero Hedge http://ift.tt/2otVkp3 Tyler Durden