Posted On: August 06, 2012
The value of the Mexican peso gained on Monday for a third consecutive session after corporate earnings in the U.S. were better than anticipated, according to
Latin America's most traded currency has gained roughly 6.6 percent thus far against the monetary unit of the U.S., to where much of Mexico's exports are destined. The country is reliant on shipments for roughly 30 percent of its gross domestic product. Eighty percent of Mexican exports go to the U.S.
The earnings "are being interpreted as good," currency trader Eduardo Rodriguez with Casa de Bolsa Finamex in Guadalajara, Mexico told the news source. "The environment of optimism is definitely going to continue. The peso has a big margin for appreciation for structural reasons."
Mexican local currency bonds set for maturity in 2024 dropped 0.02 percentage points to 5.4 percent, Bloomberg reports.
The Wall Street Journal reports
gains to the peso this past Friday pushed it to its top close in 90 days against the U.S. dollar. Those gains also were propelled by a stronger-than-anticipated U.S. jobs report issued by the Department of Labor.
Category: Industry News
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