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The Mexican peso gained as much as 0.8% to 17.8315 per dollar, its strongest since September, after the Federal Reserve dropped a line anticipating more rate hikes. The move lifted emerging-market assets, with a gauge of developing-nation currencies rising to a two-week high.
A stronger peso after the Fed signal lowers the peso cost of dollar-priced feed imports for Mexico, while the broader easing of dollar pressure supports emerging-market demand.
bloomberg.comMaria Elena Vizcaino, Michael O'Boyle, Zijia SongMay 3, 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.
