# LATAM FX Talking: The mighty MXN | reports | ING THINK

> ING notes the Mexican peso was the standout LATAM currency in January 2020 due to its high carry despite recession and rating downgrade risks. The analysis expects Mexico to have the most room for rate cuts while Brazil's real faces outflows as its economy adjusts to record-low rates.

- Date: 2020-01-17 · published 2020-01-17T12:00:00.000Z
- Category: macro · region Mexico · magnitude low
- Page: https://feedsoft.ai/events/55298-latam-fx-talking-the-mighty-mxn-reports-ing-think
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md), [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

Currency strength and carry flows affect the dollar cost of Mexican and Brazilian feed imports and the export competitiveness of Brazilian soy and meal.

## Read by commodity

- USDBRL: neutral
- USDMXN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2020-07-06 | [LATAM FX Talking: Reaching the limit of rate cuts \| reports \| ING THINK](https://feedsoft.ai/events/52403-latam-fx-talking-reaching-the-limit-of-rate-cuts-reports-ing-think.md) | +0.4% | -2.2% |
| USDBRL | 2024-08-12 | [Latam FX Talking: Politics, fiscal & copper in play \| articles \| ING THINK](https://feedsoft.ai/events/11945-latam-fx-talking-politics-fiscal-and-copper-in-play-articles-ing-think.md) | -0.6% | +1.7% |
| USDBRL | 2024-03-22 | [Latam FX Talking: Policy rates are coming down quickly \| articles \| ING THINK](https://feedsoft.ai/events/31428-latam-fx-talking-policy-rates-are-coming-down-quickly-articles-ing-think.md) | +0.5% | +5.6% |
| USDBRL | 2025-10-13 | [Latam FX Talking: Performing well despite local hazards \| articles \| ING THINK](https://feedsoft.ai/events/22621-latam-fx-talking-performing-well-despite-local-hazards-articles-ing-think.md) | -2.1% | -3.0% |
| USDBRL | 2021-03-12 | [FX Daily: Brazilian central bank’s line in the sand \| ING THINK](https://feedsoft.ai/events/48310-fx-daily-brazilian-central-bank-s-line-in-the-sand-ing-think.md) | -0.3% | +0.4% |

## Sources

- think.ing.com: https://think.ing.com/reports/latam-fx-talking-the-mighty-mxn/

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