Mexico’s Peso Advances for a Fifth Straight Day as Stocks Gain
 Andrea Jaramillo & Drew Benson - Bloomberg
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September 08, 2009
Mexico’s peso climbed for a fifth straight day as global equities rallied, boosting investor appetite for higher-yielding, emerging-market assets.
The peso rose 0.5 percent to 13.2959 per U.S. dollar at 10:05 a.m. New York time, from 13.3573 yesterday. It touched 13.2456 per dollar, its strongest level since Aug. 31.
“The peso continues to advance, pushed by gains in stocks and commodities,” said Omar Martin del Campo, a currency trader at Casa de Bolsa Arka SA in Mexico City. Should global stocks extend gains, del Campo predicts the Mexican currency will strengthen to 13.22 as early as today, and then toward 13.15.
Latin American currencies climbed and stocks worldwide rose, driving the Standard & Poor’s 500 Index higher for a third day, amid gains in oil and as metals including gold and copper increased. Oil, which accounts for about 40 percent of the Mexican government’s revenue, jumped as much as 4.4 percent.
Yields on Mexico’s 10 percent bond due December 2024 rose two basis points, or 0.02 percentage point, to 8.23 percent, according to Banco Santander SA.
To contact the reporters on this story: Andrea Jaramillo in Bogota at ajaramillo1(at)bloomberg.net; Drew Benson in Buenos Aires at abenson9(at)bloomberg.net. |
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