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The Mexican peso strengthened as USD/MXN broke below 19.25 and fell to 19.03, its lowest since February 2020, amid a broad rally in emerging market currencies. The pair later recovered toward 19.17 as the dollar bounced during the American session.
Traders are watching US GDP, the Friday payrolls report and Banxico's expected smaller December hike.
A stronger peso lowers the local-currency cost of imported US feed grains and meal for Mexican buyers, while a weaker dollar broadly supports dollar-denominated commodity prices.
octaafrica.netNov 29, 2022Not enough comparable past events yet for a historical read.
Not 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.
