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The Mexican peso ended the week as the worst performer among major currencies, with USD/MXN rising almost 3% in two days to 18.68 after briefly falling below 18.00. The drop followed profit-taking and new polls showing leftist candidate Andres Manuel Lopez Obrador more than 20 points ahead ahead of the July 1 presidential election.
A stronger US dollar also contributed to the move.
A weaker peso makes US feed grains and meal more expensive for Mexican buyers in local currency, which can slow import demand. Bank of Mexico rate action to defend the currency could also affect Mexican livestock and feed-sector financing costs.
octaafrica.netApr 20, 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.
