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Mexican Peso Year-End Forecast Downgraded by Nomura on Europe

July 17 (Bloomberg) -- Nomura Holdings Inc. cut its year-end forecast for the Mexican peso to 13.85 per U.S. dollar from 12.80 as Europe’s sovereign-debt crisis drags on.

The peso “is particularly sensitive to global risk-on and risk-off periods,” Benito Berber, a New York-based strategist for the bank, wrote in an e-mailed report. “The eurozone crisis has yet to reach its climax.”

The peso may also fall as the U.S. approaches the so-called fiscal cliff, when more than $600 billion in higher taxes and reductions in defense and other government programs will be implemented if Congress doesn’t take action, he said.

To contact the reporter on this story: Veronica Navarro Espinosa in New York at vespinosa@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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