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Mexico's government unveiled a PEMEX business plan that includes reducing the company's tax burden by about $7 billion over two years and funding a new refinery costing up to $8 billion. The peso fell across the board after the plan was released, and USD/MXN rose to 19.09 as US retail sales also beat expectations and lifted the dollar.
Investor doubts about PEMEX and the peso's weakness raise the cost of imported feed inputs priced in dollars for Mexican buyers. The impact on grain prices is limited because the driver is domestic energy policy.
octaafrica.netJul 16, 2019Not 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.
