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Goldman Sachs and XP Investimentos expect renewed dollar weakness to support the Mexican peso, which is up about 9.5% versus the dollar this year. The peso had given back some gains amid domestic political noise and a global selloff tied to US debt ceiling talks.
Continued peso strength makes dollar-priced feed imports cheaper for Mexican buyers, while the view on dollar weakness points to firmer dollar-denominated grain prices.
bloomberglinea.comZijia Song, Michael O'BoyleMay 25, 2023Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
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.
