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Mexican Peso Falls Again on Crude Oil

July 16, 2009 at 20:41 by Jan Baros

Mexican PesoMexico is, together with Canada, one of the main energy suppliers for the United States energy demands, and its national currency, the peso, fell again today as the crude oil declined in New York.

The Mexican peso posted the eighth fall in nine days as the price of crude oil declined in New York, consequently impacting the Mexican currency, since one of the nation’s main exports is the oil, which mostly has the United States as its final destination. Today, speculations that interest rates in Mexico will be cut helped Mexican bonds to become more attractive, witnessing an increase on its price.

USD/MXN traded at 13.6075 as of 19:37 GMT from a previous rate of 13.5305.

If you have any questions, comments, or opinions regarding the Mexican Peso, feel free to post them using the commentary form below.

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