# Why did the Brazilian Real and Mexican Peso outperform USD? | LSEG

> The Brazilian real and Mexican peso are the only major currencies to outperform the US dollar year to date through September 30, gaining 2.9% and 1.7% respectively. Analysts attribute this to strong commodity export performance, wider interest rate differentials and shifting capital flows after the Russia-Ukraine conflict.

- Date: 2022-10-28 · published 2022-10-28T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/39346-why-did-the-brazilian-real-and-mexican-peso-outperform-usd-lseg
- 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

Higher commodity export earnings support the real and peso, which can affect the dollar cost of Brazilian and Mexican feed and grain imports. The analysis explains currency drivers rather than a new shock.

## Read by commodity

- USDBRL: bearish ▼
- USDMXN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2016-12-30 | [USD/MXN: Mexican peso among the worst performers during 2016 — Octa](https://feedsoft.ai/events/73689-usd-mxn-mexican-peso-among-the-worst-performers-during-2016-octa.md) | -1.1% | -3.0% |
| USDBRL | 2021-09-27 | [Brazil's real outperforms Latam peers - Markets - Business Recorder](https://feedsoft.ai/events/45286-brazil-s-real-outperforms-latam-peers-markets-business-recorder.md) | +0.5% | +4.9% |
| USDBRL | 2026-04-13 | [What explains the recent appreciation of the Brazilian real?](https://feedsoft.ai/events/19933-what-explains-the-recent-appreciation-of-the-brazilian-real.md) | -0.9% | -2.5% |
| USDBRL | 2017-01-11 | [Brazil: Dissecting the BRL's outperformance - Rabobank — Octa](https://feedsoft.ai/events/73181-brazil-dissecting-the-brl-s-outperformance-rabobank-octa.md) | +0.8% | -2.1% |
| USDBRL | 2026-02-26 | [Prime Time for the Brazilian Real - The Bretton Woods Committee](https://feedsoft.ai/events/20794-prime-time-for-the-brazilian-real-the-bretton-woods-committee.md) | +1.5% | +1.6% |

## Sources

- lseg.com: https://www.lseg.com/en/insights/ftse-russell/why-did-brazilian-real-and-mexican-peso-outperform-super-strong-us-dollar-year

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