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The Bank of Mexico's board voted by majority on Thursday to raise its benchmark interest rate, an unexpected move. The peso extended gains after the decision and rose as much as 2% against the U.S. dollar.
A surprise Banxico hike lifts the peso and tightens financial conditions in Mexico, a major importer of U.S. feed grains and a buyer of meal and DDGS; a stronger peso slightly lowers the local cost of imports, while the tighter stance weighs on Mexican demand expectations.
reuters.comAnthony EspositoJun 24, 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.
