Thursday, July 29, 2010

Weekly Currency Update: Mexican Peso

Today the Mexican Peso is trading at $12.72 MXN = $1 USD. 

Events affecting the Mexican economy this week:

  • Durable goods orders in the US fell in June
  • Auto production in Mexico has picked up
  • The peso hit a 2 month high this week due to the fact that economic growth accelerated faster than expected (grew 8.9% in May, while 8.5% growth was expected)
  • Cemex posted weak second quarter earnings, but investors were hopeful because for the first time in several quarters US cement volumes should grow (around 8-10%)

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