The Mexican peso was plunging toward a fifth straight week of losses against the U.S. dollar on Friday on the first day of the month after a month the monetary unit would rather forget, published reports indicate.
Latin America's most traded currency was impacted by underwhelming economic data released by the U.S., the top trade partner to Mexico, Dow Jones Newswires reports. Thus the monetary unit is sensitive to developments financial and economic developments in the nation hosting the world's largest economic system.
The peso also was harmed by advances in unemployment in the U.S. The peso scraped its lowest value against the U.S. dollar in more than three years early during the Friday trading session. This week has seen the currency lose 2.8 percent against the U.S. dollar, Bloomberg reports.
Payrolls in May in the U.S. notched an underwhelming total of 69,000 jobs added, Bloomberg reports. The U.S. saw gross domestic product expand 1.9 percent during the first quarter of 2012, which did not reach the projected 2.2 percent growth, according to the U.S. Commerce Department.
Last month, the peso lost 9.5 of its value against the world's reserve currency, according to Dow Jones Newswires, which cited damages wrought by the sovereign debt crisis.
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