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Banxico held its benchmark rate at 11.00% on June 27, with Deputy Governor Mejia Castelazo voting for a 25 basis point cut. The central bank cited volatile financial markets and idiosyncratic factors, and the peso continued to depreciate with USD/MXN near 18.35.
Higher-for-longer Mexican rates and a weaker peso tighten financing and raise import costs for Mexican feed buyers, a modest negative for US feed grain and meal demand.
fxstreet.comChristian Borjon ValenciaJun 27, 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.
