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The Mexican peso is not expected to witness any solid momentum over the near-term, owing to heightened political uncertainties within the domestic premises of the economy ahead of the July 1 Presidential elections. Left-wing Populist candidate Andrés Manuel López Obrador has already taken a lead in the latest polls conducted, although financial market participants prefer not to have him.
In lieu of this, USD/MXN will remain tightly range-bound, titled to the upside, due to a pressurized peso. Clearly investors got cold feet, which is understandable as an agreement in the NAFTA negotiations is far from certain.
"The possibility still remains that the negotiations could fail. So it is still too early for the 18.00 mark in USD/MXN to be breached to the downside on a sustainable basis," said You-Na Park, Analyst, Commerzbank.
Meanwhile, as of 08:20GMT, the USD/MXN currency pair was trading 0.73 percent higher at 18.6624.
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