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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