USD/MXN pares intraday gains around 17.10 amid the early hours of Monday’s Asian session, after posting consecutive three quarterly and two monthly declines in the last, not to forget a two-week downtrend.

While the major moves seem to aptly justify the bullish bias about the Mexican Peso (MXN) pair in the options markets, the quote’s latest consolidation appears less interesting ahead of the top-tier US data.

That said, the one-month Risk Reversal (RR) of the USD/MXN pair, a measure of the spread between call and put prices, printed the mildly positive number of 0.010. That said, the weekly RR still shows the strongest bearish bias about the pair, bullish for the MXN currency, in five weeks and hence suggests limited room for the Mexican Peso sellers.

Elsewhere, the US Dollar Index (DXY) remains mildly bid as market sentiment dwindles on the US-China headlines.

Also read: USD/MXN ascends amidst US soft PCE data, Mexican job losses