Posted On: September 11, 2012
The value of the Mexican peso surged on Tuesday after a report indicated July's industrial production advanced more than projected by analysts, according to
Latin America's most traded currency's gains, which were they largest since the end of last month, were one symptom of a brighter outlook for the nation hosting the region's second-largest economy. The economy of Mexico trails only that of Brazil in Latin America.
"Most people remain quite constructive on Mexico," Latin America currency strategist Eduardo Suarez with Scotiabank in Toronto told the news source. The industrial production in Mexico "is outperforming even its trading partners."
That production grew 4.9 percent in July as compared to the same month one year earlier, representing the most rapid increase since this past February, according to the national statistics agency.
In addition to the monetary unit growing stronger, so too did Mexican stocks, according to
The Wall Street Journal. Shares also benefited from anticipations of asset purchasing by the U.S. Federal Reserve, which also were prompted by a weaker-than-expected jobs report issued by the U.S. Department of Labor.
Category: Industry News
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