Emerging Markets – Mexico’s Peso Rises on Greece Hopes, Germany Data

February 18, 2015

Reuters, 2/17/2015

mexico-pesoMexico’s peso rose slightly on Tuesday, as positive data from Germany and hopes that Greece will reach a deal to remain in the euro zone lifted the beleaguered currency.

Mexico’s peso rose 0.1 percent in early afternoon trading to 14.9175 pesos per dollar after data from Germany showed analyst and investor sentiment climbed in February to its highest level in a year.

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Update 3: Mexico Cenbank Holds Steady with Eye on Peso, Weak Growth

January 30, 2015

By Reuters, 1/30/2015

5504964078_df874cacb5_zMexico’s central bank on Thursday held interest rates at a record low as policymakers eyed the risk that a sharply weaker peso could fan consumer prices higher while also noting big risks to growth.

The bank kept its main interest rate at 3.00 percent, as expected by 19 of 20 analysts polled by Reuters.

Interest rate moves are not needed right now, Mexican Central Bank Governor Agustin Carstens said after the decision.

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Mexico’s Peso Tumbles to Weakest Since February on U.S. Outlook

October 16, 2014

10/15/14 Bloomberg News

Mexican pesoMexico’s peso fell to the weakest since February as concern that the global economy is slowing fueled a selloff in emerging-market currencies. The currency dropped 0.6 percent to 13.5315 per dollar today in Mexico City, the weakest on a closing basis since Feb. 3. Yields on fixed-rate peso bonds due in 2024 dropped five basis points, or 0.05 percentage point, to 5.76 percent, according to data compiled by Bloomberg. The peso’s drop was the second-most among major currencies. A report showed retail sales in the U.S., which accounts for about 80 percent of Mexico’s exports, fell a greater-than-expected 0.3 percent in September. An index of manufacturing in the New York area fell this month to its lowest since April.

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Videgaray Says No Need to Intervene as Mexico’s Peso Weaken

January 24, 2014

luis videgarayBloomberg, 01/24/2014

Mexico’s Finance Minister Luis Videgaray said there is no need to support the peso, which has fallen to its weakest in 18 months, because the market remains sufficiently liquid.

“The Mexican peso market is, fortunately, highly liquid and at the moment doesn’t require any support,” Videgaray said in an interview at the World Economic Forum in Davos, Switzerland. “We have a very liquid market and we don’t see the need to inject liquidity, to intervene.”

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Mexico peso hits 7-week high on energy reform optimism

December 9, 2013

peso by Guanatos GwynReuters, 12/9/2013

Mexico’s peso firmed sharply on Monday to its strongest level in seven weeks after lawmakers unveiled a more audacious than expected bill to open up state-run energy industries to greater private investment.

The peso gained 1 percent 12.8020 per dollar, its strongest level since mid-October.

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Mexico annual inflation rate picks up pace in November

December 9, 2013

Photo by Flickr user Aleiex

Reuters, 12/9/2013

Mexican inflation picked up less than expected in November on a spike in fresh food and electricity costs and muted underlying price pressures boded for steady borrowing costs through next year.

Inflation in the 12 months through November rose to 3.62 percent, the national statistics agency said on Monday.

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Mexico’s Currency Advances as Economy Expands More Than Forecast

November 21, 2013

taxes -- counting coinsBloomberg, 11/21/2013

Mexico’s peso rose for the first time in three days as a government report showed that Latin America’s second-largest economy expanded more than forecast in the third quarter.

The peso strengthened 0.3 percent to 13.0588 per U.S. dollar at 10:21 a.m. in Mexico City after falling as much as 0.4 percent. It has declined 0.9 percent in five days, the worst performance after Japan’s yen among 16 major currencies.

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