MXN led global outperformance to gain 0.95% towards 20.53. The progress comes on the back of gradual Mbonos inflows, and sees the peso recouping earlier losses. On account of the day, the gains appear to be a product of catch-up dynamics in the absence of significant local developments. We expect MXN to trade in line with broader global sentiment moving forward, and likely maintain a near-term range from 20.40-20.60.