# Outlook 2025 LATAM FX: MXN, CLP, and COP Under Uncertainty | Pepperstone

> Pepperstone's 2025 outlook for LATAM currencies says Trump's return creates uncertainty, with potential tariffs of up to 25% on Mexico and Canada posing a significant risk to Mexico's economy. It expects slower global growth outside the US and possibly weaker capital flows to dampen the region, making a substantial recovery for LATAM currencies challenging in 2025. The note covers the Mexican peso, Colombian peso and Chilean peso.

- Date: 2024-11-27 · published 2024-11-27T12:00:00.000Z
- Category: macro · region Mexico · magnitude low
- Page: https://feedsoft.ai/events/27672-outlook-2025-latam-fx-mxn-clp-and-cop-under-uncertainty-pepperstone
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Tariff threats on Mexico and weaker capital inflows point to downside pressure on the peso, which raises the cost of US feed imports priced in dollars for Mexican buyers. Mexico is a major importer of US corn, soybean meal and DDGS, so a weaker peso can cut purchasing power and demand.

## Read by commodity

- SBM: bearish ▼
- CORN: bearish ▼
- USDMXN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2022-08-15 | [Soy dives on China's economic uncertainty \| Financial Post](https://feedsoft.ai/events/6526-soy-dives-on-china-s-economic-uncertainty-financial-post.md) | -1.1% | -0.5% |
| CORN | 2024-01-01 | [Feed Grain weekly outlook: Corn, barley on level ground](https://feedsoft.ai/events/32773-feed-grain-weekly-outlook-corn-barley-on-level-ground.md) | -2.0% | -3.6% |
| CORN | 2023-05-31 | [Canada Know-Risk Market Outlook \| Ag Markets Lower on Weak Demand, Planting Progress, and Recession Concerns](https://feedsoft.ai/events/36053-canada-know-risk-market-outlook-ag-markets-lower-on-weak-demand-planting.md) | -1.8% | +0.1% |
| CORN | 2020-03-01 | [2020 Merchandising Outlook: Experts Share Advice in a Time of… \|…](https://feedsoft.ai/events/7993-2020-merchandising-outlook-experts-share-advice-in-a-time-of.md) | +1.7% | -3.5% |
| CORN | 2019-06-06 | [Fitch downgrades, Moody's lowers outlook, peso falls but AMLO unfazed](https://feedsoft.ai/events/58816-fitch-downgrades-moody-s-lowers-outlook-peso-falls-but-amlo-unfazed.md) | +2.8% | +4.2% |
| SBM | 2024-06-19 | [Peru Economic Outlook. June 2024 \| BBVA Research](https://feedsoft.ai/events/30069-peru-economic-outlook-june-2024-bbva-research.md) | -1.4% | -7.7% |
| SBM | 2018-05-15 | [Argentine peso takes fresh hit amid uncertainty  \| Buenos Aires Times](https://feedsoft.ai/events/65311-argentine-peso-takes-fresh-hit-amid-uncertainty-buenos-aires-times.md) | -2.7% | -9.3% |
| SBM | 2022-04-28 | [Poor Chinese hog margins to weigh on feed grain price outlook \| The Land \| NSW](https://feedsoft.ai/events/41839-poor-chinese-hog-margins-to-weigh-on-feed-grain-price-outlook-the-land-nsw.md) | -4.9% | -6.0% |

## Sources

- pepperstone.com: https://pepperstone.com/en-af/analysis/navigating-markets/outlook-2025-latam-fx/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.