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The Mexican peso fell 1.09% to MX$19.00 per US dollar on Monday after dropping 2.1% earlier in the session, as COVID-19 fears drove safe-haven demand for the dollar and gold. Mexican oil export prices and Brent and WTI crude also fell about 4% on concerns about the virus's impact on fuel demand.
Weaker peso and lower crude prices reduce the dollar cost of Mexican feed purchases and signal softer energy-linked demand. Risk-off flows may keep USD/MXN under upward pressure while virus fears persist.
mexicobusiness.newsFeb 25, 2020After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
Not 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.
