USD/MXN aims to continue the gains for the second successive day ahead of the policy decision by the US Federal Reserve (Fed).
USD/MXN gains ground despite solid Mexico’s GDP figures. Mexico's economy expanded at 0.9% in the third quarter compared to the 0.8% expected. Positive market sentiment contributes support for the US Dollar ahead of the Fed decision. The spot pricehoversabove 18.0000 during the Asian session on Wednesday. Despite the positive Gross Domestic Product data, the pair continues to strengthen amid geopolitical tension in the Middle East. Mexico's economy expanded at 0.
The escalating Middle East conflict could reinforce the prices of Crude oil and Gold, which may provide minor support to the Mexican Peso . Investors eagerly await the upcoming policy decision from the US Fed and indications suggest the central bank will likely maintain its current interest rate at 5.5% in the Wednesday meeting. Additionally, in the North American session, traders will closely monitor key indicators such as the US ADP Employment Change and ISM Manufacturing PMI for October.
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