The Mexican Peso trades little changed ahead of Mexican April inflation data and the Banxico meeting on Thursday, with both events having the potential to cause volatility for MXN.
Both the headline and core inflation rates are scheduled for release on Thursday at 12:00 GMT. Headline Inflation is expected to show a higher 4.63% reading year-over-year but a slower 0.18% monthly rise.
The core inflation rate is forecast to decline to 4.40% YoY and 0.24% MoM.
If either comes out higher than expected, but especially core inflation – which is thought to be more accurate – the Mexican Peso could gain strength. Higher levels of inflation will force Banxico to keep interest rates at their current elevated levels for longer, and higher interest rates attract greater capital inflows.
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