Mexico’s peso tumbled the most in more than a year, prompting the central bank to sell $200 million to help stabilize the currency.
The peso fell 1.8 percent to 15.4726 per dollar, the biggest drop on a closing basis since August 2013, joining a slide of global counterparts. The Mexican currency is now at its lowest level in six years, approaching the record of 15.5892 reached in March 2009.
A report Friday showing strength in the U.S. labor market bolstered speculation the Federal Reserve is closer to raising interest rates, reducing the appeal of emerging-market assets that typically offer higher yields. The central bank’s dollar sales, held under a program started in December, usually are triggered when the peso falls more than 1.5 percent in one trading session. The last time the bank intervened was Dec. 11.
“I would increase the size of the daily auctions,” Eduardo Suarez, a strategist at Bank of Nova Scotia, said in an e-mail. “This is too broad-based. I don’t think you can stop a move like this.”
Central bank board member Manuel Sanchez said in a speech in Mexico City Friday that weakness in the peso is spurring inflation.
By Isabella Cota
more recommended stories
New barricades at US-Mexico border to “welcome” Caravan
TIJUANA, Mexico: Huge metal or concrete.
Mérida’s “Facade Rescue Program” receives 30 new applications every month
To give greater coverage to the.
Live a Culinary Experience at Hacienda Petac
Yucatan Today says that “Edible Destinations.
Taxation in Mexico (all you need to know but were afraid to ask)
The most significant taxes in Mexico.
Personal Development tips that you Should Apply Today
Oftentimes, we will meet people with.
What Are Medigap Plans?
If you are above the age.
Chicxulub Crater Museum, another incomplete project left by the previous state administration
According to Yucatan Expat Life, the Chicxulub.
Mérida offers the best quality of life in all of Mexico
According to Mexico News Daily, Mérida,.
Will the next “Caravans” depart out of Southamerican countries?
Tapachula, Chiapas.- Central American governments issued an.
There will be no “Smoke on the Water” over the “White City”
The British music group Deep Purple,.