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The Mexican peso weakened against the US dollar on Wednesday, ending a seven-day winning streak, with USD/MXN rising from 22.13 to 22.48 before settling near 22.30. Banxico's quarterly report projected 2020 GDP contraction of 4.6% and a 4.1% rebound in 2021, and raised its Q4 inflation forecast to 3.5%.
A weaker peso against the dollar trims the cost of Mexican-denominated purchases of feed ingredients and may modestly support Mexican import demand; the mostly macro-driven move has limited direct grain price impact.
octaafrica.netMay 27, 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.
