Mexican Peso Down for Second Week

The Mexican peso posted the second week of losses after the report that Interior Minister Jose Francisco Blake Mora died in an accident.

Mora was the country’s major official in battling with drug trafficking organizations. He died in a helicopter crash along with other eight people. The case is currently under investigation, but a low visibility conditions were named as a possible reason for the tragedy. There are concerns that appeal of the nation’s currency would be drastically reduced in case the incident would prove to be an assassination.

The peso was the worst performing currency of the emerging markets yesterday, but the week wasn’t as bad as the previous one for the currency. Mexico is considered to have a strong economy compared to other emerging markets. Mexico’s industrial production expanded 3.6 percent in September from a year ago, according to the government report.

USD/MXN fell from 13.5320 to 13.486 yesterday, while over the week the currency pair rose from 13.464.

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

Leave a Reply

Your email address will not be published. Required fields are marked *