# Mexican Peso Soars, Leading EM Rally as Powell Signals Rate Cuts - Bloomberg

> Emerging-market assets rallied after Fed Chair Jerome Powell said the time to adjust monetary policy had come at the Jackson Hole symposium. The Mexican peso, Brazilian real and South African rand led gains, each climbing at least 1.7%. The greenback gauge fell to its lowest since January.

- Date: 2024-08-23 · published 2024-08-23T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/29056-mexican-peso-soars-leading-em-rally-as-powell-signals-rate-cuts-bloomberg
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md), [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker dollar and firmer emerging-market currencies lower the local-currency cost of dollar-priced feed imports in importing countries. Rate-cut expectations can also support broader commodity prices.

## Read by commodity

- DXY: bearish ▼
- USDBRL: bearish ▼
- USDMXN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2022-02-23 | [Brazil’s World-Beating Currency Rally Storms Past Key Level - Bloomberg](https://feedsoft.ai/events/42913-brazil-s-world-beating-currency-rally-storms-past-key-level-bloomberg.md) | +1.9% | -2.5% |
| USDBRL | 2020-09-30 | [Latam FX rise as dollar steadies; Mexican peso shines](https://feedsoft.ai/events/51308-latam-fx-rise-as-dollar-steadies-mexican-peso-shines.md) | -2.3% | +1.3% |
| USDBRL | 2025-08-22 | [US stocks jump as Powell hints at possible September rate cut — TradingView News](https://feedsoft.ai/events/23252-us-stocks-jump-as-powell-hints-at-possible-september-rate-cut-tradingview-news.md) | -1.4% | -2.9% |
| USDBRL | 2018-10-08 | [Brazil Stocks, Currency Surge as Bolsonaro Takes Commanding Lead - Bloomberg](https://feedsoft.ai/events/8763-brazil-stocks-currency-surge-as-bolsonaro-takes-commanding-lead-bloomberg.md) | -4.1% | -4.3% |
| USDBRL | 2025-12-11 | [Latin American assets rally on Fed cut, Brazil's cenbank maintains pause \| Reuters](https://feedsoft.ai/events/21716-latin-american-assets-rally-on-fed-cut-brazil-s-cenbank-maintains-pause-reuters.md) | +0.9% | -2.2% |
| DXY | 2024-08-23 | [South African rand jumps as Fed's Powell signals lower rates](https://feedsoft.ai/events/29087-south-african-rand-jumps-as-fed-s-powell-signals-lower-rates.md) | -0.1% | -0.8% |
| DXY | 2025-06-23 | [US Dollar (USD) Erases Gain as Fed's Bowman Signal July Rate Cut Support - Bloomberg](https://feedsoft.ai/events/24417-us-dollar-usd-erases-gain-as-fed-s-bowman-signal-july-rate-cut-support-bloomberg.md) | -1.1% | -0.9% |
| DXY | 2023-12-13 | [Dollar drops as Fed signals coming rate cuts](https://feedsoft.ai/events/8296-dollar-drops-as-fed-signals-coming-rate-cuts.md) | -1.0% | -0.7% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-08-23/emerging-markets-set-to-cap-weekly-gains-as-traders-await-powell

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