Thursday, September 30, 2010

Weekly Currency Update: Mexican Peso

Today the Mexican Peso is trading at $12.62 MXN = $1 USD.

According to Bloomberg, the Mexican Peso saw its fourth consecutive week of gains, which is the longest streak since March. 

The opposition party (PRI) is proposing a bill that would cut the value added tax (IVA in Spanish) which is currently at 16%.  President Calderon had approved the increase from 15% to 16% at the beginning of this year, but the PRI is pushing hard for a reversal of this increase.  Many experts suggest that such a move would mean confusion and suggest a weaker Mexican economy. 

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