Mexican Peso Gains, Pulls Back
The Mexican peso gained today as Enrique Pena Nieto was leading in the presidential elections according to a poll. The peso pulled back, like many other currencies today, as Friday’s gains were to big too sustain.
Pena Nieto was leading in the elections, according the survey of the Federal Electoral Institute. He promised to bolster economic growth and boost private sector, sparking hopes that reforms would improve the nation’s economy. The peso rallied together with other currencies on Friday amid optimism caused by good news from Europe. The rally was huge and a small correction was expected.
USD/MXN rose from 13.3152 to 13.3720 as of 9:58 GMT today, following the earlier drop to 13.2466.
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Earlier News About the Mexican Peso:
- Mexican Peso Pares Gains on Fears of Global Economic Slowdown (2012-06-26)
- Mexican Peso Dips as Fed Lowers Growth Forecast (2012-06-21)
- Mexican Peso Rises as Traders Put Hopes on Central Banks (2012-06-15)
- Mexican Peso Keeps Gains Amid Speculations About Fed's QE3 (2012-06-13)
- Mexican Peso Retreats as Bernanke Evaporates Optimism (2012-06-08)