Did Banxico end its rate hike cycle at 11.25% in March, or will it hike again tomorrow? Economists at Commerzbank expect the Peso to struggle if Banxico remains on hold.

Finished or not? Banxico's exciting interest rate decision

“The majority of analysts surveyed by Bloomberg and Reuters expect a pause tomorrow. This could put some pressure on the Peso, as a minority still seems to expect another rate hike.”

“Fundamentally, however, we see the MXN as well supported and expect it to trade sideways around current levels. With core inflation at 7.7%, Mexico offers an attractive real interest rate in a stable political environment. Moreover, we expect Banxico to leave no doubt that it will promptly address any upside risks to inflation.”