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Mexican Peso Declines Further on Economic Outlook

July 14, 2009 at 0:23 by Jan Baros

Mexican PesoThe Mexican currency, highly dependent on its main trading partner, the United States, posted a sixth day of losses against the greenback on concerns that the economy in the region will not rebound as soon as forecasts predicted.

The peso reached the lowest level in two months against the dollar as the U.S. economy has been showing signs of further economic problems, and an expected rebound in the Latin American nations’ economy will take longer than previously forecast. Mexico entered its first recession since 2001, as the economic conditions of its main trading partner, the United States, damped demand for Mexican exports, affecting negatively the country’s economy and currency.

USD/MXN traded at 13.7100 as of 23:19 GMT from a previous rate of 13.6815.

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