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Forex.ca reported on October 28, 2021 that USD/MXN was holding near 20.30 pesos per dollar after failing to break below the 76.4% Fibonacci level at 20.18. The pair had earlier reached a seven-month high of 20.90.
The analysis expects Banxico to continue its hiking cycle in November and sees the Fed meeting as the main driver for the pair.
Peso moves affect the local-currency cost of Mexican feed and meat purchases. Mexico is a major importer of U.S. corn and soybean meal, so sustained peso weakness could reduce its purchasing power at the margin.
forex.caOct 28, 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.
