MXN: USD dependent

In Mexico, USDMXN will keep trading above 16.50, towards the forecast of 17.50 in the year to come as the USD resumes its upward trend and headwinds from EM weigh on the MXN.

"Although we have a constructive view on Mexico, we do not like to have currency exposure because of its high correlation with risky assets", notes Barclays.

The only economic release is 3Q GDP. The forecast is consistent with a 0.7% q/q sa expansion as a result of a flat print of the GDP proxy in September following a deceleration in manufacturing, combined with a decline in imports of 1.7% m/m. However, there are upside risks given that growth in service activities has remained solid.