USD/MXN Forecast: Peso Under Pressure as Banxico Decision Approaches

USD/MXN is on track to close the session with gains of more than 0.85% in favor of the U.S. dollar, as markets await the Banco de México (Banxico) monetary policy decision, scheduled for February 5. The renewed weakness in the Mexican peso seen over recent sessions is largely driven by the strengthening of the U.S. dollar, a factor that could continue to reinforce buying pressure in the pair over the coming sessions.