Thursday, July 15, 2010

Weekly Currency Update: Mexican Peso

The Mexican peso is trading at $12.81 MXN = $1 USD today.

Important events this week that affected the peso:

  • Imports of copper fell for the third month in a row, which may mean that global economic recovery is slowing down
  • Soft US retail data caused Mexican stocks to suffer this week
  • Mexico's auto production more than doubled last month, setting a new record
  • Slowdown in US manufacturing
  • The Fed cut the growth outlook in the US, which could affect the Mexican recovery which is based on exports to the US

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