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Bank of Mexico said it will gradually reduce its currency hedging program given the peso's recent strength, prompting an initial 2% drop in the peso before partial recovery. The peso has gained over 13% this year.
A weaker peso lowers the cost of Mexican imports priced in dollars, which can modestly affect Mexican demand for US feed grains and meal, though analysts see the move as temporary.
reuters.comAug 31, 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.
