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Peru's sol fell 3.6% to a record closing low of 4.068 per US dollar, its largest daily decline in over seven years, despite $293 million in central bank intervention. Peruvian sovereign bonds fell and bond spreads widened to their widest in over a year after President Castillo named a Marxist party member as prime minister without naming a finance minister.
Political uncertainty and a weaker sol raise import costs for Peru's feed buyers and tighten local financing, while a weaker local currency can marginally affect regional feed ingredient pricing; the direct grain price effect is limited.
financialpost.comReutersJul 30, 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.
