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Mexico's peso sank after Banxico said it will reduce a currency hedge program starting in September, with about $7.5 billion of outstanding positions. The move signals the peso's rally may have gone too far.
Currency moves in Mexico affect the purchasing power of Mexican feed importers buying US corn and soymeal; a weaker peso modestly raises their costs.
bloomberg.comStephanie Baker and Kollen PostAug 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.
