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.