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The Mexican peso fell to a seven-week low after Mexico's trade deficit widened to its worst level since August 2020, with exports contracting 5.7% year on year. USD/MXN traded near 18.67, up more than 1.2%, as month-end dollar demand and the wider dollar rally added pressure.
A weaker peso makes US feed grains and meal more expensive for Mexican buyers, which can soften import demand at the margin. Traders are also watching the coming Fed decision for the next move in USD/MXN.
fxstreet.comChristian Borjon ValenciaJul 29, 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.
