Mexican inflation data came out yesterday as expected, confirming a declining inflation rate but still high core inflation dynamics. However, unlike for the Fed, the market is convinced that Banxico, Mexico's central bank, has ended its rate hike cycle. 

We maintain our view that the Mexican Peso will continue to trade at strong levels for the time being. 

The next directional impulse for the USD/MXN is more likely to come from the US in the form of the Fed's interest rate decision next week.