The Mexican currency had a winning performance versus several important currencies as stocks rallied on speculations that the Latin American economy will recover faster than other emergent markets.

After Mexican equities touched the highest level in two years, the peso found support to advance considerably versus a number of currencies after Mexico’s rating was raised by JPMorgan Chase & Co., adding confidence that the Latin American nation is on a solid recovery path.

USD/MXN traded at 12.82 as of 22:01 GMT from an opening rate of 12.85 this Wednesday.

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