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The Mexican peso gained 0.88% to trade at 18.59 per dollar after a weaker-than-expected US ADP jobs report increased bets on a September Fed cut. Mexico's Q2 GDP growth of 0.2% also drew comment from a Banxico deputy governor favoring gradual rate cuts.
A stronger peso reduces the local cost of US feed ingredients, which can support Mexican import demand. Lower US rates tend to weaken the dollar, which supports the peso and other emerging-market currencies.
octaafrica.netJul 31, 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.
