Mexican Peso holding steady after Mexico Retail Sales beat expectations

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• The Mexican Peso is middling on Wednesday but keeping close to the top end.
• Mexico’s October Retail Sales came in better than expected.
• US Dollar flows helping to prop up MXN despite a dovish Banxico.

The Mexican Peso (MXN) is holding in place, pinned into recent highs against the US Dollar (USD) as broad-market selling pressure keeps the Greenback in place and gives the Peso a chance to cover more ground even as a dovish Banco de Mexico (Banxico) weighs the potential for rate cuts as soon as 2024’s first quarter.