# Oil-sensitive Mexican, Colombian pesos lead losses in Latam | Financial Post

> Latin American currencies fell on April 21, 2020 as crude-sensitive pesos led losses after US front-month oil prices turned negative. The Mexican peso dropped about 1% and the Colombian peso fell 1.8%, while the Chilean peso followed copper lower and Argentina's peso weakened as it issued $400 million in foreign-currency Treasury bills.

- Date: 2020-04-21 · published 2020-04-21T12:00:00.000Z
- Category: macro · region Latin America · magnitude low
- Page: https://feedsoft.ai/events/53907-oil-sensitive-mexican-colombian-pesos-lead-losses-in-latam-financial-post
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md), [Colombian Peso (COP per USD)](https://feedsoft.ai/c/USDCOP.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Oil-exporting and crude-sensitive emerging market currencies weaken when crude collapses and investors shift to the US dollar, which raises the cost of imported feed ingredients for Latin American buyers. Lower oil also cuts diesel and freight costs, a partial offset.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-07-28 | [Colombian peso hits lowest in a month on weak oil price \| Financial Post](https://feedsoft.ai/events/52400-colombian-peso-hits-lowest-in-a-month-on-weak-oil-price-financial-post.md) | -1.5% | +2.4% |
| WTI | 2022-03-15 | [Colombian peso leads global oil losses: Andes FX - Infobae](https://feedsoft.ai/events/42561-colombian-peso-leads-global-oil-losses-andes-fx-infobae.md) | +8.7% | -8.6% |
| 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 | 2020-07-23 | [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 | 2021-10-21 | [Canadian dollar falls by most in three weeks as oil stumbles \| Financial Post](https://feedsoft.ai/events/44823-canadian-dollar-falls-by-most-in-three-weeks-as-oil-stumbles-financial-post.md) | -1.9% | -7.0% |
| DXY | 2023-02-16 | [Stocks fall on strong U.S. inflation data, Colombian peso leads FX losses \| Financial Post](https://feedsoft.ai/events/37625-stocks-fall-on-strong-u-s-inflation-data-colombian-peso-leads-fx-losses.md) | +0.5% | +1.1% |
| DXY | 2021-03-05 | [Latam FX struggle against buoyant dollar; Surging oil lifts Colombian peso \| Financial Post](https://feedsoft.ai/events/48397-latam-fx-struggle-against-buoyant-dollar-surging-oil-lifts-colombian-peso.md) | +0.2% | +0.9% |
| DXY | 2023-02-15 | [Latam FX slides as dollar firms, Colombian peso hits near six-week low - Financial Post](https://feedsoft.ai/events/37628-latam-fx-slides-as-dollar-firms-colombian-peso-hits-near-six-week-low-financial.md) | +0.8% | +1.8% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/oil-sensitive-mexican-colombian-pesos-lead-losses-in-latam

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