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Latin American currencies fell on Wednesday, led by the Mexican and Colombian pesos, which dropped more than 1% each as oil weakness hit crude exporters. The Mexican peso also sold off after President Lopez Obrador tested positive for COVID-19, and the Brazilian real weakened on weak FDI data ahead of a Fed decision.
Weaker Mexican and Colombian currencies raise the local-currency cost of imported feed ingredients and can increase buying pressure from importers, while lower oil prices weigh on energy-linked freight and fuel costs.
financialpost.comReutersJan 27, 2021
brecorder.comReutersJan 27, 2021Not enough comparable past events yet for a historical read.
Not 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.
After 301 past bullish macro events, Brazilian Real (BRL per USD) moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.7%), and +1.0% 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.
