Mexican Peso backslides on Wednesday despite upbeat MXN Retail Sales

The Mexican Peso (MXN) is holding in place, pinned into recent highs against the US Dollar (USD) as broad-market selling pressure keeps the Greenback in place and gives the Peso a chance to cover more ground even as a dovish Banco de Mexico (Banxico) weighs the potential for rate cuts as soon as 2024’s first quarter.