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Mexico’s Peso Drops Most in Week on November U.S. Payroll Data

Mexico’s peso fell the most in a week as the U.S., the nation’s largest trading partner, added fewer jobs than forecast in November.

The peso dropped 0.1 percent to 12.3369 per dollar at 5:00 p.m. New York time from 12.3267 yesterday, the biggest decline since Nov. 26. The currency rose 1.2 percent this week.

“This was definitely a major disappointment for the U.S.,” said Flavia Cattan-Naslausky, a currency strategist at RBS Greenwich Capital Markets in Stamford, Connecticut. “The sweet spot for Mexico is better data out of the U.S., and hitting the sweet spot is a challenge with data like this.”

U.S. employers added 39,000 jobs in November, below the median estimate of a gain of 150,000 jobs in a Bloomberg survey, the Labor Department said today. The unemployment rate rose to 9.8 percent. The U.S. purchases about 80 percent of Mexico’s exports.

The yield on Mexico’s 10 percent bond due in 2024 fell 9 basis points, or 0.09 percentage point, to 7.03 percent, according to Banco Santander SA. The price of the security rose 0.88 centavo to 126.38 centavos per peso.

Traders didn’t trigger any of the $600 million in dollar options available today. The central bank has been auctioning the options monthly, allowing it to purchase dollars to boost foreign reserves after the peso reached a record low last year.

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