If things go sideways in the November US election, the value of peso could increase dramatically.

In my opinion interest rates are more important to keep inflation in check than to be used to drive peso value at this time. What I’m trying to say is political events may overwhelm the change in peso value compared to whatever interest rate changes need to happen. In fact keeping a lid on inflation is one of the most important near-term matters for Mexico while it manages political changes here and abroad