The Mexican peso appreciates against dollar this Wednesday morning. The local currency advances due to the weakening of the greenback, in a market that expects the Federal Reserve announce its monetary policy decision later.

The exchange rate is located at 20.2131 units against a closing of 20.2727 units yesterday, with the data of the Bank of Mexico (Banxico). This means a moderate gain of 5.96 cents for the peso, which is equivalent to 0.29 percent.

The cross operates in a limited range between a maximum of 20.3085 units and a minimum of 20.1772 units. The Dollar Index (DXY), which compares the US currency with the remaining six G7 currencies, lost -0.22% to 103.23 points.

Traders anticipate that the central bank will announce a 50 basis point increase in the price of money. This bet benefits the peso because expectations are growing that Banxico will follow the path of higher rate increases.

On the local side, investors were waiting for the disclosure of a federal plan against inflation and shortages that the government agreed with the private sector to face the strong and persistent increase in consumer prices.

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