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The Mexican peso rose more than 0.30% against the dollar on Monday, trading near 17.13 after a daily high of 17.25. Mexico's mid-November inflation data and Banxico minutes were due this week, and swaps priced about 50 bps of cuts for the first half of 2024.
A stronger peso lowers the cost of US grain and meal imports for Mexican feed mills, supporting demand. The move reflects broad dollar weakness rather than a change in grain fundamentals.
octaafrica.netNov 20, 2023Not 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.
