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Mexico Peso Rises to Four-Month High as U.S. Jobless Claims Drop

Mexico’s peso rallied to its highest level this year as a drop in U.S. jobless claims indicated that the economy of the Latin American nation’s biggest trading partner is on the mend.

The currency added 0.1 percent to 12.9474 per U.S. dollar in Mexico City, the strongest level since Dec. 18. Three-month historical volatility, a measure of the peso’s fluctuations during the period, declined to 7.18 percent, the 19th straight drop, according to data compiled by Bloomberg.

“The U.S. recovery is obviously an important driver, and local economic conditions are starting to look a little bit healthier,” Aryam Vazquez, a New York-based senior emerging-market economist at Oxford Economics, said in a phone interview. “We expect that economic activity will pick up from the second quarter onwards.”

U.S. jobless claims fell by 26,000 to 319,000 in the week ended May 3, the Labor Department reported today in Washington. The median forecast of 52 economists surveyed by Bloomberg called for a decrease to 325,000. In Mexico, consumer prices fell more than analysts expected in April as fruit, vegetable and mobile phone service costs dropped, pushing annual inflation to its lowest level in six months.

Yields on peso bonds maturing in 2024 dropped 13 basis points, or 0.13 percentage point, to 5.93 percent. The price climbed 1.23 centavo to 131.93 centavos per peso.

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