Futures Market News
Peso scrapes lowest since January against greenback
May 08, 2012 03:58 PM
The Mexican peso fell in value to its lowest value in about four months as a consequence of growing concerns for Greece, the euro zone nation that has received two tranches of emergency bailout aid, Bloomberg reports.
The Aegean nation, whose voters this past weekend supported non-austerity parties during elections, is poised to renege on commitments required for its allotment of international aid. Greece's inability to adhere to those terms is pinching foreign exchange markets and Latin America's most traded currency, economist Rafael Camarena with Banco Santander in Mexico told the news source.
The peso scraped its lowest value against the U.S. dollar since January 18 but remains the top performing of 16 monetary units monitored by the news service as it is up more than 4 percent thus far this year.
The central bank of Mexico is preparing this week to release minutes from its most recent policy meeting, when policy makers decided to leave interest rates intact, according to Dow Jones Newswires.
One factor that would merit an interest rate reduction would be upgrades to international financial markets, the body indicated in April.
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