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The Mexican peso weakened against the US dollar as escalating Gulf conflict, including Iranian attacks on US assets in Jordan, hurt risk appetite. WTI crude rose nearly 7% to about $84.62, and USD/MXN traded near 17.51 ahead of the Federal Reserve decision.
Higher oil lifts inflation worries and reduces the chance of Fed cuts, which supports the dollar against higher-yielding emerging-market currencies like the peso. Mexican importers face a weaker peso and higher fuel costs.
fxstreet.comChristian Borjon ValenciaJul 29, 2026Not enough comparable past events yet for a historical read.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
