USD/MXN hovers around 17.5000, focus on Banxico policy decision

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• USD/MXN consolidates in a tight range of 17.4000 – 17.5900 since Monday.
• Banxico is expected to keep interest rates unchanged at 11.25%,
• Investors await Fed Chair Jerome Powell’s conference to gain additional insights into the interest rate trajectory.

USD/MXN treads water near 17.5000 during the European session on Wednesday. The pair has been trading within a tight range of 17.4000 – 17.5900 since Monday. Market participants await the interest rate decision by the Bank of Mexico (Banxico) scheduled to be released on Thursday.