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The Mexican Peso was roughly flat against the US dollar on September 30 with USD/MXN near 19.66, as traders awaited Claudia Sheinbaum's October 1 inauguration as president. Fed Chair Powell's remarks at the NABE meeting, dismissing a 50bp cut, lifted the dollar, and a strong Chicago Fed activity index added to dollar support.
A firmer dollar and a weaker peso make US-origin feed ingredients and grain priced in dollars relatively more expensive for Mexican importers, which can trim near-term buying of US corn and meal.
fxstreet.comChristian Borjon ValenciaSep 30, 2024Not enough comparable past events yet for a historical read.
After 78 past neutral macro events, CORN moved a median +0.3% over 5 sessions (55% higher; middle half -1.1% to +1.6%), and -0.6% 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.
