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The USD/MXN pair held near 22.75 after Banxico cut its key rate by 50 basis points to 5.0%, a decision that was expected and unanimous. The pair had touched 22.99 intraday, its highest level in a month, before pulling back.
A steady peso after the expected cut leaves feed import costs in Mexico largely unchanged, while the pair's upside bias keeps dollar-denominated feed purchases slightly more expensive.
octaafrica.netJun 25, 2020Not 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.
