Four days of poor performances by the Mexican peso to the U.S. dollar came to a close on Thursday, according to Bloomberg.
Factors pushing the value of the moneypiece of Latin America's second-largest economy include a Spanish bond auction's strong results, which briefly lightened concerns about the sovereign debt crisis attacking euro zone banks and public finance systems. Mexico's top trade partner, the U.S., saw jobless claims drop to their lowest level in 36 months.
The economy hosting Latin America's most traded currency trails only that of Brazil for largest economic system in Latin America.
The bond auction in Spain on Thursday brought in the equivalent of $7.86 billion to one of five nations under scrutiny for damages caused by the sovereign debt scourge. Spain – along with Portugal, Italy, Ireland and Greece – is struggling to remain afloat and raising almost double what the nation set as the bond auction's maximum target certainly helps the cause.
On Wednesday, the peso touched its lowest value against the greenback since November 29, according to Dow Jones Newswires. The Bank of Mexico is preparing for the Friday release of minutes from the institution's final meeting of the year, which was on December 2. Policy makers opted to keep interest rates at 4.5 percent.
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