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The Mexican Peso traded between small gains and losses on September 30 after falling about 1.5% against its major peers the previous week. Banxico's 25bp rate cut to 10.50%, a downward revision to growth forecasts, and a record trade deficit of $4.868 billion in August weighed on the currency, with US election risk adding pressure.
Persistent peso weakness raises the cost of dollar-priced grain and meal imports for Mexican buyers, which can temper demand for US corn and soymeal at the margin.
octaafrica.netSep 30, 2024Not enough comparable past events yet for a historical read.
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.
