Global FX: US diesel ban, dollar view, G10 central banks

A potential US diesel export ban threatens Chile, Peru and sterling most, but the dollar's rally still lags what rate spreads imply.

• Diesel ban hits LatAm hardest: Chile and Peru face direct US diesel import exposure with low storage buffers; Chilean peso saw a dramatic reaction, now seen as symmetric risk.
• Mexico less exposed than expected: Mexico's US diesel import share fell from 60% (2023) to 25% now due to rising domestic refining capacity, easing ban impact.

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