Mexican Peso surges in anticipation of Mexico’s Q3 GDP and upcoming Fed decision

• Mexican Peso hovers around 18.08, down 0.09% on risk-on mood.
• Mexico’s Q3 GDP is expected to expand 3.1% YoY and 0.8% QoQ.
• USD/MXN traders await the US Federal Reserve monetary policy meeting, expecting unchanged rates.

Mexican Peso (MXN) registers solid gains against the US Dollar (USD) in the mid-North American session, as Oil prices retreated last Friday’s gains, with the USD/MXN hovering around the 20-day Simple Moving Average (SMA), eyeing a recovery past the 18.10 mark. At the time of writing, the pair is still losing 0.31%, trading at around 18.04.

Mexico’s currency continues to remain underpinned by equity indices in the United States (US) as Wall Street shrugs off Israel’s offensive on the Gaza Strip, with fears of a spillover contained.