Any soft figure could shift expectations toward a Banxico first cut in February. Given implied MXN yields through the forwards in excess of 11%, we doubt an earlier easing cycle from Banxico has to hit the Peso. 

However, we do feel it supports non-FX hedged positions in the short-end of the government bond market (MBONOs) and can probably see USD/MXN hanging around the 17.00 area rather than dropping down to last year's low near 16.60.