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USD/MXN fell toward 17.13 after Banxico held its policy rate at 11.25%, its second pause in a row. Mexican economic activity beat estimates, and markets trimmed bets on Fed rate cuts.
A firmer peso lowers the peso cost of dollar-priced imports such as feed ingredients and grain for Mexican buyers. The move is incremental and driven by rates and data rather than by any change in supply.
octaafrica.netJun 26, 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.
