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Short EURMXN

Short
FX_IDC:EURMXN   EURO / MEXICAN PESO
0
TiiE swaps pricing 20% chance of july hike. inflation above 3% tgt, peso weakness further inducing inflationary pressure. latam CBs maintaining a hawkish bias (Brazil, Colombia, Peru), Mexico to follow. Spec positioning net short peso (emfx funding ccy).

Note: Hedge out EM weakness risk with tactical THB+NZD shorts.
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