The Mexican peso is trading with gains against the dollar on Monday morning, the local currency is advancing after the publication of local inflation figures below expectations that reinforce trading expectations of further interest rate cuts.

The exchange rate was at the level of $20.1350 units per dollar, compared to the official close of $20.1793 units on Friday, according to data from the Bank of Mexico (Banxico).

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The annual consumer price index (INPC) of Mexico rose 0.44% in November according to the National Institute of Statistics and Geography (INEGI) and 4.55% year-on-year.

Today the peso strengthened after a decline in the dollar and after evaluating the local inflation figures, which continue to advance the narrative of a bearish slope and continue with the bets of a cycle of cuts on the rates of Banxico, said Monex in a note this Monday.

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It is expected that on December 19 the Bank of Mexico will announce its last monetary policy decision of the year, the interest rates, which could lower another bp, in this cycle the authority has cut 100 bp from 11.25%.

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Original Note.