The Mexican peso has opened lower against the dollar, currently trading around 17.2239 pesos per dollar, reflecting a depreciation of 0.17%, or 2.89 cents, compared to its previous close. This decline comes as the market digests the US producer inflation data, which exceeded expectations, indicating potential shifts in economic conditions that could impact currency valuations.

Gabriela Siller, the director of economic analysis at Banco Base, noted that the peso's depreciation is coupled with a slight strengthening of the dollar, which is up 0.11% as measured by the weighted index. The report showed that US producer inflation for January was recorded at a rate of 0.48%, significantly higher than the market expectation of 0.29%. This suggests that inflation pressures are persisting in the US economy, which could influence the Federal Reserve's monetary policy and affect exchange rates further.

Additionally, the Dollar Index (DXY), which measures the strength of the US dollar against a basket of six developed currencies, has shown a slight increase of 0.01% to 97.80. This overall market movement indicates a cautious sentiment among investors as they weigh the implications of ongoing inflationary trends in the US and their potential effects on global currency markets, including the Mexican peso.