# Latam FX Outlook 2027: Banxico abandons the peso | ING THINK

> ING's FX outlook expects the Brazilian real to recover over coming quarters, helped by Lula's fiscal discipline signals. It flags concern that Banxico's dovish stance is weakening the Mexican peso.

- Date: 2026-11-12 · published 2026-11-13T03:10:33.578Z
- Category: macro · region Latin America · magnitude low
- Page: https://feedsoft.ai/events/97053-latam-fx-outlook-2027-banxico-abandons-the-peso-ing-think
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md), [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md)

## Why it matters

A firmer real would lower Brazilian soymeal and corn export costs in dollar terms, while a weaker peso raises the cost of imported feed for Mexican buyers.

## Read by commodity

- USDBRL: bearish ▼
- USDMXN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2021-11-17 | [LATAM FX Outlook 2022: Return of the Pink Tide? \| articles \| ING THINK](https://feedsoft.ai/events/44256-latam-fx-outlook-2022-return-of-the-pink-tide-articles-ing-think.md) | +2.7% | +3.9% |
| USDBRL | 2024-02-16 | [Latam FX Talking: Rethinking the real \| ING THINK](https://feedsoft.ai/events/31876-latam-fx-talking-rethinking-the-real-ing-think.md) | +0.0% | +0.4% |
| USDBRL | 2023-04-11 | [Latam FX Talking: Temporary setback for the Mexican peso \| articles \| ING THINK](https://feedsoft.ai/events/36612-latam-fx-talking-temporary-setback-for-the-mexican-peso-articles-ing-think.md) | -2.7% | -1.8% |
| USDBRL | 2022-12-13 | [Latam FX: Fiscal fundamentals \| articles \| ING THINK](https://feedsoft.ai/events/38430-latam-fx-fiscal-fundamentals-articles-ing-think.md) | -0.5% | -2.6% |
| USDBRL | 2024-07-10 | [Latam FX Talking: Making the most of a short-lived rebound \| articles \| ING THINK](https://feedsoft.ai/events/9456-latam-fx-talking-making-the-most-of-a-short-lived-rebound-articles-ing-think.md) | +0.5% | +3.9% |

## Sources

- think.ing.com: https://think.ing.com/articles/latam-fx-outlook-2027/

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