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Mexico Peso Falls to One-Month Low on U.S. Government Shutdown

Mexico’s peso fell to the weakest level in one month on concern a partial government shutdown in the U.S. will slow growth of the Latin American nation’s biggest export market.

The peso depreciated 0.3 percent to 13.1586 per U.S. dollar today in Mexico City, its weakest closing level since Sept. 6. The currency extended its decline this year to 2.3 percent.

“Caution is prevailing due to a lack of developments on the fiscal impasse in the U.S.,” Juan Carlos Alderete, a strategist at Grupo Financiero Banorte SAB in Mexico City, wrote today in an e-mailed research note. “We’re reiterating our strongly defensive position on the peso.”

A one-week partial U.S. government shutdown would probably shave 0.1 percentage point from economic growth, according to the median estimate of economists surveyed by Bloomberg, with the costs accelerating if the closing lasts longer. Mexico sends about 80 percent of its exports to its northern neighbor.

A face-to-face meeting between President Barack Obama and congressional leaders yesterday failed to break the stalemate over the budget that has led to the partial shutdown of the government, which is entering a third day.

Yields on Mexican peso bonds due in 2024 fell four basis points, or 0.04 percentage point, to 5.96 percent today, according to data compiled by Bloomberg. The price rose 0.36 centavo to 132.87 centavos per peso.

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