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The Mexican peso rose against the US dollar on Friday, pushing USD/MXN toward its lowest close in a month near the 18.70 support level. The move came despite another Federal Reserve rate hike, with support from emerging-market currency strength and higher crude oil prices.
Markets also reacted positively to news that economist Johnathan Heath would be nominated as Banxico deputy governor.
A firmer peso reduces the local-currency cost of imported US feed ingredients for Mexican buyers, while the dollar-related moves affect export competitiveness for US grain and meal. Higher crude prices also support feed-related energy and freight costs.
elev8.comSep 28, 2018Not 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.
