# LATAM FX Outlook 2022: Return of the Pink Tide? | articles | ING THINK

> ING's FX outlook for 2022 expects the Brazilian real to weaken further due to loose fiscal policy ahead of the October election and an aggressive central bank tightening cycle. It expects the Mexican peso to outperform, and notes that Peru and Chile currencies have already fallen sharply in 2021.

- Date: 2021-11-17 · published 2021-11-17T12:00:00.000Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/44256-latam-fx-outlook-2022-return-of-the-pink-tide-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

Expected real weakness would make Brazilian grain and meal exports more price-competitive in 2022, while a firmer peso supports Mexican import demand for US feed grains.

## Read by commodity

- USDBRL: bearish ▼
- USDMXN: bullish ▲

## 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 | 2022-12-13 | [Latam FX: Fiscal fundamentals \| articles \| ING THINK](https://feedsoft.ai/events/38430-latam-fx-fiscal-fundamentals-articles-ing-think.md) | -0.5% | -2.6% |
| 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 | 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% |
| 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% |

## Sources

- think.ing.com: https://think.ing.com/articles/latam-fx-outlook-2022-return-of-the-pink-tide/

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