# Latam FX fails to shake off virus, election worries | Financial Post

> Most major Latin American currencies fell as COVID-19 cases surged in Europe and traders priced in a possible Biden win in the U.S. election on November 3. A 6% drop in oil prices hurt crude-exporting currencies, with the Brazilian real down 0.4% and the Mexican peso down 0.6%.

- Date: 2020-10-29 · published 2020-10-29T12:00:00.000Z
- Category: macro · region Latin America · magnitude low
- Page: https://feedsoft.ai/events/50920-latam-fx-fails-to-shake-off-virus-election-worries-financial-post
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md), [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md)

## Why it matters

A stronger dollar and weaker crude weigh on Latin currencies, which can make Brazilian and Argentine oilseed and grain exports cheaper and more competitive. Crude weakness also eases diesel and biofuel cost support for vegetable oils.

## Read by commodity

- DXY: bullish ▲
- WTI: bearish ▼
- USDBRL: bullish ▲
- USDMXN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-07-23 | [Latam FX weakens, Brazil's real comes off one-month high \| Financial Post](https://feedsoft.ai/events/52312-latam-fx-weakens-brazil-s-real-comes-off-one-month-high-financial-post.md) | -1.7% | +2.5% |
| WTI | 2020-10-29 | [Latam FX steadies after selloff; Oil-linked currencies slide \| Financial Post](https://feedsoft.ai/events/50919-latam-fx-steadies-after-selloff-oil-linked-currencies-slide-financial-post.md) | +4.6% | +22.3% |
| WTI | 2020-10-30 | [Commodity currencies slide on oil, dollar braces for election \| Financial Post](https://feedsoft.ai/events/50816-commodity-currencies-slide-on-oil-dollar-braces-for-election-financial-post.md) | +7.3% | +26.5% |
| WTI | 2022-03-25 | [Thai baht, Asian FX gain as oil prices come off the boil \| Financial Post](https://feedsoft.ai/events/42509-thai-baht-asian-fx-gain-as-oil-prices-come-off-the-boil-financial-post.md) | -11.6% | -9.7% |
| WTI | 2020-06-24 | [C$ dips as pickup in coronavirus cases weighs on sentiment \| Financial Post](https://feedsoft.ai/events/52860-c-dips-as-pickup-in-coronavirus-cases-weighs-on-sentiment-financial-post.md) | -2.8% | +3.7% |
| DXY | 2019-09-30 | [Latam markets subdued as trade woes persist \| Financial Post](https://feedsoft.ai/events/57337-latam-markets-subdued-as-trade-woes-persist-financial-post.md) | -0.2% | -1.4% |
| DXY | 2022-09-13 | [Latam FX slump as hot U.S. inflation sends dollar soaring \| Financial Post](https://feedsoft.ai/events/39796-latam-fx-slump-as-hot-u-s-inflation-sends-dollar-soaring-financial-post.md) | +1.4% | +3.5% |
| DXY | 2022-01-27 | [Strong dollar hits Latam FX, Russian assets rise \| Financial Post](https://feedsoft.ai/events/43348-strong-dollar-hits-latam-fx-russian-assets-rise-financial-post.md) | +0.1% | +0.7% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/latam-fx-fails-to-shake-off-virus-election-worries

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.