# Latam FX Talking: Temporary setback for the Mexican peso | articles | ING THINK

> ING analysts see the Brazilian real holding near 5.00 per dollar after a new fiscal framework, while the Mexican peso rally has stalled around 18.00. They expect USD/MXN to drift toward 18.20 over the next month.

- Date: 2023-04-11 · published 2023-04-11T12:00:00.000Z
- Category: macro · region Latin America · magnitude low
- Page: https://feedsoft.ai/events/36612-latam-fx-talking-temporary-setback-for-the-mexican-peso-articles-ing-think
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md), [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md)

## Why it matters

A firmer real makes Brazilian soybean and corn exports less competitive in dollar terms, which can ease upward pressure on global oilseed and corn prices; the outlook is a mild tailwind for US exports.

## Read by commodity

- USDBRL: bearish ▼
- USDMXN: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2024-07-10 | [Latam FX Talking: Making the most of a short-lived rebound \| articles \| ING THINK](https://feedsoft.ai/events/9456-latam-fx-talking-making-the-most-of-a-short-lived-rebound-articles-ing-think.md) | +0.5% | +3.9% |
| USDBRL | 2023-07-14 | [Latam FX Talking: The beneficiary of emerging market portfolio flows \| articles \| ING THINK](https://feedsoft.ai/events/35242-latam-fx-talking-the-beneficiary-of-emerging-market-portfolio-flows-articles.md) | -0.1% | +0.7% |
| USDBRL | 2025-09-15 | [Latam FX Talking: Carry trade remains the dominant theme \| articles \| ING THINK](https://feedsoft.ai/events/23090-latam-fx-talking-carry-trade-remains-the-dominant-theme-articles-ing-think.md) | -0.5% | +2.4% |
| USDBRL | 2023-08-14 | [Latam FX Talking: Full steam ahead with easing cycles \| articles \| ING THINK](https://feedsoft.ai/events/34790-latam-fx-talking-full-steam-ahead-with-easing-cycles-articles-ing-think.md) | +1.4% | +0.8% |
| USDBRL | 2024-02-16 | [Latam FX Talking: Rethinking the real \| ING THINK](https://feedsoft.ai/events/31876-latam-fx-talking-rethinking-the-real-ing-think.md) | +0.0% | +0.4% |

## Sources

- think.ing.com: https://think.ing.com/articles/latam-fx-talking-april-edition/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.