Yes, by replacing the system cursor with a sprite (set the sprite's hotspot to the upper left corner just like a windows mouse cursor). The MouseKeyboard object has an action called "Set cursor visible", which you set to invisible. Also add one event:
+ System: Always (every tick)
-> mouseSprite: Set position to Clamp(MouseX, 0, DisplayWidth), Clamp(MouseY, 0, DisplayHeight)
EDIT: You may also make the range smaller, if it suits your needs. Just change the values for X and Y, eg. Clamp(MouseX, 20, DisplayWidth - 20), Clamp(MouseY, 2, DisplayHeight - 16)