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Mexico Peso Poised for Longest Winning Streak Since 2008
 Andres R. Martinez -
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October 15, 2010
Mexico’s peso is poised for a seventh week of gains, the longest winning streak since 2008, as Federal Reserve Chairman Ben S. Bernanke said more monetary stimulus may be needed to spur growth.
The peso rose 0.3 percent to 12.3787 per dollar at 8:54 a.m. New York time, from 12.4142 on Oct. 8. The streak is the longest since the eight-week period ending May 2, 2008. The currency gained 0.2 percent today, and has strengthened 5.6 percent this year.
“All markets are waiting to hear what Bernanke is saying,” said Jorge Perez-Duarte, a managing director for emerging markets at TD Securities Inc. in Toronto. “He is talking about the need for more stimulus, and the market is waiting to hear something about the measures that may be taken.”
The yield on Mexico’s 10 percent bond due in 2024 rose three basis points, or 0.03 percentage point, to 6.33 percent today, according to Banco Santander SA. The price fell 0.38 centavo to 134.23 centavos per peso.
To contact the reporter on this story: Andres R. Martinez in Mexico City at amartinez28(at)bloomberg.net
To contact the editor responsible for this story: David Papadopoulos at papadopoulos(at)bloomberg.net
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