The $USDMXN has been surprisingly resilient around 17.45 even with the general dollar strength; makes me wonder if Banxico's hawkish stance is already priced in, or if we're just waiting for a catalyst to break either way.
It's interesting how it's holding its ground, especially with the dollar's performance elsewhere. Do you think the recent inflation data out of Mexico will give Banxico more room to maneuver, or is it already factored into the current rate?
It does feel like Banxico's efforts are the primary support at this point. Hard to see sustained dollar weakness being the driver. A catalyst would likely be from the US side, wouldn't it?