• The Mexican Peso edges higher as interest rates in Mexico are expected to remain elevated. 
• Relatively higher interest rates attract higher inflows of foreign capital. 
• USD/MXN consolidates in its downtrend after a breakout. More downside is expected.

The Mexican Peso (MXN) trades slightly higher in its major pairs on Monday, continuing to benefit from relatively higher interest rate expectations in Mexico following last week’s central bank decision. 

USD/MXN is exchanging hands at 16.76, EUR/MXN at 18.06 and GBP/MXN at 21.01, at the time of publication.