The Mexican currency gains ground in a market without significant economic references, which awaits local inflation figures and the monetary policy announcement from Banxico.

The Mexican peso slightly appreciates against the dollar on Tuesday morning. The local currency is gaining ground in a market without significant economic references, awaiting local inflation figures and the monetary policy announcement from the Bank of Mexico (Banxico).

The spot exchange rate is at 16.8576 units per dollar. Compared to an official closing of 16.8813 units yesterday, according to data from Banxico, this movement represents a gain of 2.37 cents, equivalent to 0.14 percent.

The dollar price is trading in a narrow range between a high of 16.9000 pesos and a low of 16.8347 units. The Dollar Index (DXY), from the Intercontinental Exchange, which measures the greenback against a basket of six currencies, is up 0.02% at 105.07 points.

Amid expectations of interest rate cuts by the Federal Reserve (Fed), traders are attentive to interventions by central bank officials. Today, the president of the Minneapolis Fed, Neel Kashkari, will speak in public.

On the local front, in Mexico, it was reported that the seasonally adjusted consumer confidence index was 47.3 points in April, unchanged from the previous month. Traders await the local inflation data and Banxico’s announcement on Thursday.