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The Mexican peso gained against the dollar, with USD/MXN slipping below 20.000 for the first time in days. The move followed a drop in oil prices and a defensive market tone, and Banxico's rate hike had caught Wall Street by surprise.
A firmer peso reduces the local cost of dollar-priced feed inputs for Mexico. The move is a currency-market development with little direct effect on grain prices.
fxempire.comHassan MaisheraJul 7, 2021Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
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.
