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USD/MXN spiked after Banxico announced it would unwind its short-dollar FX forward position built during 2017 and 2020, with roughly $7.5 billion outstanding. ING expects the peso to weaken temporarily in September but still outperform its forward curve.
The expected temporary peso weakness would raise the peso cost of dollar-priced grain and meal imports in the near term, which is relevant to Mexican feed buyers.
think.ing.comChris Turner, James WilsonSep 1, 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.
