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Mexico Peso Strengthens for the First Time in Four Days After U.S. Report
Mexico’s peso rose for the first time in four days as business activity in the U.S., the nation’s largest trading partner, expanded faster than forecast.
The peso gained 0.5 percent to 12.6502 per dollar at 10:33 a.m. New York time, from 12.7185 yesterday. The currency has gained 1.7 percent this month and 3.4 percent in 2010. The peso strengthened 0.6 percent this week.
The Institute for Supply Management-Chicago Inc. said its business barometer rose to 62.3 this month. The U.S. purchases about 80 percent of Mexico’s exports.
“The business activity data out of the U.S. came out much better than expected,” said Omar Martin del Campo, a trader at Banco Ve Por Mas SA in Mexico City. “The data is projecting that the economy may have a better recovery in the second half in the manufacturing sector.”
The yield on the 10 percent bonds due in 2024 was little changed at 6.86 percent, according to Banco Santander SA.
To contact the reporter on this story: Andres R. Martinez in Mexico City at amartinez28@bloomberg.net
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