Mexican peso following global backdrop

The Mexican peso continues trading with a weak tone but in line with the global backdrop. 

EM FX continues to watch closely the result of negotiations in Greece with this event preventing a rally in the MXN over the past two days even in spite of a supportive macro fundamental backdrop. 

Wednesday was the second day in a row that the peso lost ground vs. the USD and has so far lost 1% during the week closing yesterday at USD-MXN 15.50.

According to Commerzbank's estimation, the peso still has fundamental strength to justify stronger levels once the volatility surrounding any event in Europe clears and markets have a better definition on when to expect the US Fed to start withdrawing stimulus.