# USD/MXN moves on the downward trajectory near 17.1800, awaits FOMC meeting minutes — Octa

> USD/MXN traded lower near 17.18 on Monday, extending recent losses as markets priced in a possible Federal Reserve rate cut in the first half of 2024. The US Dollar Index slipped to about 103.60 despite higher Treasury yields. Attention turned to the FOMC minutes and Banxico's expected hold at 11.25%.

- Date: 2023-11-20 · published 2023-11-20T12:00:00.000Z
- Category: macro · region Mexico · magnitude low
- Page: https://feedsoft.ai/events/33385-usd-mxn-moves-on-the-downward-trajectory-near-17-1800-awaits-fomc-meeting
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker dollar against the peso makes Mexican feed imports cheaper in local currency, which can support Mexican demand for US corn and soymeal. Lower dollar strength generally supports dollar-denominated grain prices.

## Read by commodity

- DXY: bearish ▼
- USDMXN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2020-12-11 | [USD: FOMC action to keep dollar on weaker footing – MUFG — Octa](https://feedsoft.ai/events/49846-usd-fomc-action-to-keep-dollar-on-weaker-footing-mufg-octa.md) | -0.7% | -0.4% |
| DXY | 2024-02-21 | [Dollar edges down as Fed meeting minutes meet expectations](https://feedsoft.ai/events/31866-dollar-edges-down-as-fed-meeting-minutes-meet-expectations.md) | -0.0% | -0.1% |
| DXY | 2021-01-28 | [Thoughts on the January 27 FOMC Meeting - ActionForex](https://feedsoft.ai/events/49067-thoughts-on-the-january-27-fomc-meeting-actionforex.md) | +0.2% | -0.1% |
| DXY | 2019-01-29 | [USD/MXN sideways around 19.00, still near 3-month lows — Octa](https://feedsoft.ai/events/61300-usd-mxn-sideways-around-19-00-still-near-3-month-lows-octa.md) | -0.2% | -0.0% |
| DXY | 2025-06-27 | [USD/MXN extends losses and nears the 11-month low, at 18.82](https://feedsoft.ai/events/24442-usd-mxn-extends-losses-and-nears-the-11-month-low-at-18-82.md) | -0.3% | +0.3% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/1076857/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.