The currency remains strong as investors prepare to receive consumer inflation data this week, both in Mexico and in the United States.

In 2024, the Mexican peso continues its upward trend, challenging the 16.35 per dollar mark on Monday. The currency remains strong as investors brace themselves to receive consumer inflation data this week from both Mexico and the United States.

The spot exchange rate stands at 16.3600 units per dollar. Compared to the official Friday record from the Bank of Mexico (Banxico) at 16.4600 units, this movement signifies a gain for the local currency of 10 cents, equivalent to 0.61 percent.

The price of the dollar moves within an open range between a maximum of 16.4941 units and a minimum of 16.3504 units. The Dollar Index (DXY) from the Intercontinental Exchange, which measures the greenback against six major currencies, falls slightly by 0.07% to 104.22 points.

Traders are awaiting this week’s inflation figures in the United States, which are expected to offer insights into the future of interest rates. Authorities have recently emphasized that they will continue to wait for clearer data.

The currency extends its appreciation strength while traders await local and U.S. inflation figures to clarify the expectations of both central banks regarding the next rate adjustment.

With no significant data to be published today, traders expect Fed members to have interventions in public events throughout the day; notably, Neel Kashkari, the head of the Federal Reserve Bank of Minneapolis, will speak at the University of Montana.

The Mexican currency continues to advance to levels not seen since late 2015 (an eight-year low), although ‘indicators are in extreme oversold territory and there is no room for further decline