Mexican peso likely to trade more

The Mexican peso appreciated around 0.5% vs. the USD to USD-MXN 15.6294 by the end of the trading session yesterday. The peso traded with a better tone yesterday as electoral noise is slowly dissipating. 

Preliminary election results do not differ significantly from what polls suggested last week. In this sense, it's worth mentioning that there's a good chance that the PRI (president's party) will retain the majority of seats in congress when its allied parties are brought into the calculations. 

In addition, the Election Day (Sunday) evolved amid only scattered incidents that didn't derail the polling process in the overwhelming majority of municipalities where strong protests were seen in past days. Commerzbank says, the peso is likely to trade more in line with global trends rather than responding to local developments.