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A Reuters poll of 25 currency strategists sees the Mexican peso losing steam in 2024 as Banxico shifts toward less restrictive policy. The median forecast is 18 per dollar at year-end, about 5.4% weaker than the roughly 17 level seen on January 3.
A weaker peso raises the local-currency cost of US corn and soybean meal imports for Mexican feed buyers, which can lift their landed prices. Lower rate spreads are the mechanism behind the expected depreciation.
reuters.comGabriel BurinJan 5, 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.
