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ING's Latam FX outlook says the Mexican peso remains in demand, supported by implied yields above 11%, and may allow Banxico to begin easing as early as February. The real is seen trading steadily as Brazil's central bank continues its orderly easing cycle.
Peso strength reduces the local cost of imported feed ingredients for Mexican producers. Brazil's easing path affects the currency backdrop for Brazilian soy and corn exports.
think.ing.comChris TurnerJan 15, 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.
