Mexican CPI & Banxico's Stance – Still Holding $USDMXN

Just saw the latest Mexican CPI numbers. Annual inflation came in at 4.42%, which is a tick higher than last month. More importantly, core inflation is still stubborn, hovering around 4.6%. For Banxico, this means the pressure to maintain a hawkish stance isn't going away, despite the market pricing in rate cuts sooner rather than later. I'm still watching $USDMXN, currently at 17.43309, for any sustained move. My initial short on the pair around the 17.00 mark was premature; this inflation data, coupled with Banxico's consistent message, means the carry trade on the MXN could lose some of its appeal if rates stay elevated longer. It's a key reason I'm keeping a close eye on any upward momentum here. This isn't about chasing a quick buck, but understanding the underlying forces at play. If Banxico continues to push back on rate cut expectations, the current rally could extend.