BLBG: Mexico’s Peso Rises to 1-Week High as Stocks, Commodities Rally
By Carlos Manuel Rodriguez
Nov. 11 (Bloomberg) -- Mexico’s peso advanced to a one-week high after stocks and commodity prices rallied on reports showing the economies of China and Japan strengthened.
The peso gained 0.5 percent to 13.1542 per U.S. dollar at 10:20 a.m. New York time, from 13.2131 yesterday. Earlier it touched 13.1092, the strongest level since Nov. 2. The currency was the second-best performer against the dollar today among 16 major currencies tracked by Bloomberg, behind Canada’s dollar.
Crude oil, Mexico’s biggest export, rose 1.2 percent to $80.04 a barrel.
In the U.S., the Standard & Poor’s 500 Index gained 1.1 percent to 1,104.74. The U.S. buys 80 percent of Mexican exports.
Yields on Mexico’s benchmark bond fell two basis points, or 0.02 percentage point, to 8.23 percent. The price of the 10 percent security due in December 2024 rose 0.20 centavo to 115.22 centavos per peso, according to Banco Santander SA.
To contact the reporter on this story: Carlos M. Rodriguez in Mexico City at carlosmr@bloomberg.net.
