Global oil price developments and sentiment towards EM continue to drive MXN in near term

Mexican government's tender was highly successful, which marks the beginning of domestic developments. The fourth phase will be more important for Mexican assets.

Meanwhile, the developments in the oil prices globally and sentiment towards emerging markets will drive MXN price action over coming months.

"We reiterate our 2015 year end forecast of 17.00, while we expect USD/MXN to reach 17.50 at the end of 2016. Both forecasts have some upside risks", estimates Barclays.