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Peso strengthens.. Mexico economy doing well

Mexico's Peso Strengthens on Better-Than-Forecast August Industrial Report

By Andres R. Martinez - document.write(dateFormat(new Date(1286974835000),"mmm d, yyyy h:MM TT Z"));Oct 13, 2010 8:00 AM CT

Mexico’s peso gained for a second day after a report showed industrial production rose more than forecast, signaling the economic recovery won’t stall.

The peso rose 0.2 percent to 12.3849 per dollar at 8:56 a.m. New York time, from 12.4047 yesterday. The currency has risen 5.6 percent this year against the dollar.

“We had some good economic data out of Mexico yesterday,” said Flavia Cattan-Naslausky, an emerging markets strategist at RBS Securities Inc. in Stamford, Connecticut. “The economic story there remains mixed, but not worse.”

Industrial production rose 8.1 percent in August, above a median estimate for an increase of 6.3 percent in a Bloomberg survey, the national statistics agency said yesterday.

The yield on Mexico’s 10 percent bond due in 2024 rose four basis points, or 0.04 percentage point, to 6.3 percent, according to Banco Santander SA. Yesterday, the yield reached the lowest level since the security was issued in 2005. The price fell 0.49 centavo to 134.59 centavos per peso.

To contact the reporter on this story: Andres R. Martinez in Mexico City at amartinez28@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

Published Friday, October 15, 2010 11:49 AM by Jonas Soder

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