Published On: Wed, Aug 31st, 2016

“Blame it on the Feds” U.S. Federal Reserve hike hurts Mexican peso (Luis Videgaray)

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According to international news agency Reuters, expectations that the U.S. Federal Reserve could raise interest rates sooner than expected have been the main factor weakening the Mexican peso in recent days, the country’s finance minister said on Tuesday August 30.

Mexico’s peso shed around 1 percent on Tuesday, sliding for a third day in a row.

Latin American currencies weakened on Tuesday August 30, after comments by a high-ranking Fed policymaker.

Finance Minister Luis Videgaray (Google)

Finance Minister Luis Videgaray “Blames it on the Feds” (Photo: Google)

Finance Minister Luis Videgaray, speaking on local radio, also said the government’s oil revenues would account for 15-16 percent of total income in 2016, down from 19 percent last year.

(Reporting by Michael O’Boyle for Reuters)

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