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Banxico surprised markets by raising its overnight rate 50 basis points to 5.50% on December 16, double the quarter-point move investors expected. The statement signaled further hikes in 2022 as inflation expectations rose.
The peso strengthened, pushing USD/MXN to its lowest level since November 19.
A firmer peso lowers the peso cost of imported feed ingredients for Mexican buyers. Continued tightening also signals softer domestic demand for meat and feed.
forex.caDec 17, 2021Not 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.
