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Focus Firmly On FOMC before Friday’s GDP Release

MEXICO
  • Greenback strength on Tuesday is contributing to a modest uptick in USDMXN, however, price action remains fairly muted ahead of the Fed on Wednesday.
  • With European gas headlines in focus across global markets, EURMXN looks on track to post three consecutive losing sessions, narrowing the gap with the July lows at 20.5951. A breach of this level would turn the focus to the February 2020 lows around the pivotal 20.00 mark.
  • Following the FOMC decision, growth data from both the US and Mexico may be key in determining the short-term bias for local asset prices.

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