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USD/MXN bounced sharply on Thursday from a low of 21.81, the lowest since May, to trade near 22.22 after the Fed updated its policy strategy and US yields rose. Analysts said a close above 22.25 would shift the short-term bias to bullish for the pair.
A firmer dollar against the peso raises Mexican feed costs for importers of corn, soymeal and other ingredients, while a weaker dollar would ease them. The move is a currency-only update with limited direct effect on grain prices.
forexcrunch.comFX StreetAug 27, 2020Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
