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The USD/MXN pair fell to 19.56 on Friday, its lowest intraday level since January 2021, as the peso led gains among major currencies. The move was driven by a weaker dollar, risk appetite, and expectations of further tightening by Banxico after its 50bp hike to 7%.
A stronger peso reduces the peso cost of US feed imports for Mexican livestock and poultry producers. The move is a routine currency move with no new supply or demand shock for grains.
octaafrica.netMay 27, 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.
