The local currency is gaining ground in a market preparing to receive key figures this week, with little activity due to the holiday break in U.S. trading.

The Mexican peso is appreciating against the dollar on Monday morning. The local currency is gaining ground at the start of the week, driven by a weakening of the greenback, while U.S. markets are closed for Memorial Day.

The spot exchange rate is at 16.6748 pesos per dollar, compared to Friday’s close of 16.6942 pesos, according to data from the Bank of Mexico (Banxico). This movement gives the peso a gain of 1.94 cents, or 0.12 percent.

The dollar is trading in a range between a high of 16.7099 pesos and a low of 16.6590 pesos. The Dollar Index (DXY) from the Intercontinental Exchange, which measures the greenback against six other currencies, slipped 0.03% to 104.69 units.

With little activity due to the U.S. financial markets being closed, investors are gearing up to receive several economic figures this week, including the Federal Reserve’s preferred inflation indicator. U.S. markets are closed on Monday for Memorial Day, and the economic agenda is light for today. However, the Fed’s favorite inflation measure will be released at the end of the week.

Investors’ attention will be focused in the coming days on the Bank of Mexico’s quarterly report and the presidential candidates’ campaign closures ahead of Sunday’s elections.