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Bank of Mexico was expected to raise its benchmark rate by 25 basis points to 4.75% on Thursday, its third consecutive increase. Headline inflation was 5.87% year on year and core inflation 4.92%, both well above the central bank's 3% target.
Traders were focused on the policy statement for clues about the tightening path.
Higher Mexican rates support the peso and reflect inflation pressure in a major importer of US corn and soymeal. The hike is already priced in, so the direct effect on feed grain prices is small.
forex.caSep 29, 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.
