Banxico probably sees no reasons to hike

Banxico is likely to remain on hold as the Fed delays its lift-off and the global and local economic outlook actually points to easier monetary conditions. 

Banxico might not probably not follow the path implied by the TIIE curve, particularly now that FX price action has not been driven by short-term interest rate differential and it has stabilized below 17.00. 

"Further MXN weakness is expected versus the USD in the months to come in line with our view of weakness across emerging markets", says Barclays.