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Mexico Peso Reaches Strongest Level Since April as U.S. Employers Add Jobs
 Andres R. Martinez - Bloomberg
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November 05, 2010
Mexico’s peso rose to the strongest level since April as employers added more workers in the U.S., the nation’s largest trading partner.
The peso rose 0.3 percent to 12.2062 per dollar at 10:05 a.m. New York time, from 12.2367 yesterday. The currency, which has gained 7.2 percent this year, advanced for the seventh consecutive day and earlier today reached 12.1729, the strongest since April 30. The streak of gains is the longest since the seven-day period ending Sept. 16.
“News like this is favoring the peso,” said Bertrand Delgado, an economist at Roubini Global Economics LLC in New York. “The employment problem is structural though and it’s unlikely that this is changing expectations about the economy.”
U.S. employers added 151,000 jobs in October, beating the median forecast for a gain of 60,000 jobs in a Bloomberg survey of economists. The U.S. purchases about 80 percent of Mexico’s exports.
The yield on Mexico’s 10 percent bond due in 2024 rose one basis point, or 0.01 percentage point, to 6.4 percent, according to Banco Santander SA. The price of the security fell 0.14 centavo to 133.35 centavos per peso.
To contact the reporter on this story: Andres R. Martinez in Mexico City at amartinez28(at)bloomberg.net
To contact the editor responsible for this story: David Papadopoulos at papadopoulos(at)bloomberg.net
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