Mexico’s peso tumbled on Monday June 13 to its weakest in nearly four months, sinking for the third session in a row and trading around levels last seen when Mexico used a surprise interest rate hike to defend its currency.
The peso sank nearly 0.8 percent to 18.78 per dollar, its weakest since Feb. 17, when Mexico’s central bank made an unscheduled rate decision and intervenened directly in the foreign exchange market for the first time since 2009.
At banks in Mexico City Monday morning, dollars were being offered at an exchange rate as high as 19.04 pesos and were being bought for a minimum of 18.24 pesos.
The peso has shed about 3.5 percent in the last three sessions as concerns that Britain could leave the European Union rocked riskier assets around the world.
Mexican assets have been swept up in a global rout of riskier assets as investors braced for a series of international events that could rattle markets including this week’s Federal Reserve meeting and Britain’s referendum on European Union membership in two weeks’ time. The Fed has been debating how soon to raise interest rates again, and how quickly, amid conflicting economic data from the U.S., the destination for most of Mexico’s exports.
The peso has already missed out on this year’s emerging-market rally as concern the Fed would raise interest rates has at times damped demand, while at other points speculation that Mexican exports could drop amid slower global growth has weighed on the tender. The peso has lost 8 percent so far in 2016.
more recommended stories
Ancient Aztec Temazcal uncovered by archaeologists in Mexico City’s La Merced
According to BBC, an ancient “sweat.
Migrant Caravan and Guardia Nacional clash at the Mexico-Guatemala border
Hundreds of Central American migrants who.
Snakes could be the original source of Coronavirus outbreak in China
Snakes—the Chinese krait and the Chinese cobra—may.
Katerina Sakellaropoulou becomes Greece’s first woman president
Athens, Greece (CNN)High court judge and.
In addition to the coronavirus, Brazil reports another deadly threat: the arenavirus
Authorities admit one death from hemorrhagic.
Mexico drowns in its violence
35,588 people were killed In Mexico,.
AMLO is proposed to become governor or senator as his term ends
TABASCO (Times Media Mexico).-This Tuesday, January 21,.
Almadía, a gastronomic experience that fuses sea and land in Progreso
Almadía is located in a charming.
More than 300,000 septic tanks contaminate Merida’s aquifer
Experts say Merida’s phreatic mantle is.
Possible case of coronavirus in Tamaulipas – AMLO
One case has already been ruled.