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The Mexican peso strengthened toward 17.20 per US dollar, approaching its firmest level since mid‑2024, as markets digested January inflation data and Banco de México’s recent rate pause amid a softer US dollar. Banxico’s decision to keep the policy rate at 7% on February 5 and to emphasize persistent inflation risks—rather than hint at rapid cuts—tempered expectations for aggressive near-term easing and helped preserve the peso’s real yield advantage, easing concerns about earlier carry erosion.
Headline inflation edged up to 3.79% in January, slightly below forecasts, with contained monthly price pressures. This reduced perceived downside risks for Mexican assets while still allowing the central bank to maintain a cautious stance. Externally, the US Dollar Index retreated from recent highs as softer US labor data bolstered expectations for Federal Reserve easing.
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