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Most Latin American currencies steadied after a sharp selloff, while oil-exporter currencies such as the Mexican peso and Colombian peso extended declines as crude fell about 4%. Brazil's central bank held its benchmark rate at a record-low 2.00% and kept a dovish forward guidance.
Lower crude prices weaken oil-linked Latin currencies and reduce biofuel and diesel cost pressure on feed and freight. Brazil's steady low rates keep the real under pressure, which can favor Brazilian soy and corn exports.
financialpost.comReutersOct 29, 2020After 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 92 past neutral macro events, Brazilian Real (BRL per USD) moved a median +0.4% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +0.4% over 20.
Not enough comparable past events yet for a historical read.
Not 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.
