Aug. 8 (Bloomberg) -- Mexico’s peso rose the first time this week after Fitch Ratings affirmed Germany’s top credit rating, easing concern that the impact of Europe’s debt crisis may be growing more acute in the region’s biggest economy.
The currency climbed 0.6 percent to 13.1452 per U.S. dollar at 4 p.m. in Mexico City. Today’s advance boosted the peso’s gain this year to 6 percent, the most among the dollar’s 16 most traded counterparts tracked by Bloomberg.
The peso reversed earlier declines after Fitch’s affirmation of Germany’s AAA rating “helped stabilize market sentiment and pushed the peso back toward an appreciating trend,” Eduardo Suarez, a Latin America currency strategist at Scotiabank, said in an e-mailed message.
Speculation that Europe’s debt crisis would hurt Mexican exports helped make the peso Latin America’s worst-performing major currency in 2011.
The yield on Mexico’s peso bonds due in 2024 rose one basis point, or 0.01 percentage point, to 5.48 percent, according to prices compiled by Bloomberg. The price fell 0.13 centavo to 140.49 centavos per peso.
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