Today Goldman Sachs (NYSE:GS) recommended buying the peso against the U.S. dollar to their clients in a note.
After plunging at its worst levels in 2010 for a three-day period, the Mexican peso started back up today, rising 1 percent to 12.8701 for each U.S. dollar.
Yesterday the Mexican peso dropped to 12.9959 for each U.S. dollar, going as low as 13.3165 per dollar at its weakest point.
For the week the peso was down 4.3 percent, the largest fall since November 2008, while down 5.6 percent over the last three sessions.
Showing posts with label Mexican Peso. Show all posts
Showing posts with label Mexican Peso. Show all posts
Friday, May 7, 2010
Wednesday, March 31, 2010
Citigroup's (NYSE) World Government Bond Index and Mexican Securities
Citigroup World Government Bond Index
The market liked the news from Citigroup (NYSE) that Mexican securities will be eligible for inclusion in its World Government Bond Index, resulting in the Mexican peso rising to a 17-month-high.
The Mexican peso has been the top-performing currency of the 16 highest-traded currencies in the world in 2010, and could strengthen more as the inclusion on Citigroup's World Government Bond Index attracts the attention of foreign investors.
Citigroup said Mexico will be added to the World Government Bond Index once the requirements to enter the Index are met for three months in a row, which includes in relationship to Mexican bonds - barriers to entry, size and credit.
At this time Mexico meets all the requirements and is expect to have no problem peforming in that capacity for three months in a row. Mexican debt could enter the Index as early as October 2010. Mexico will be the first Latin American country to be added to Citigroup's World Government Bond Index.
The market liked the news from Citigroup (NYSE) that Mexican securities will be eligible for inclusion in its World Government Bond Index, resulting in the Mexican peso rising to a 17-month-high.
The Mexican peso has been the top-performing currency of the 16 highest-traded currencies in the world in 2010, and could strengthen more as the inclusion on Citigroup's World Government Bond Index attracts the attention of foreign investors.
Citigroup said Mexico will be added to the World Government Bond Index once the requirements to enter the Index are met for three months in a row, which includes in relationship to Mexican bonds - barriers to entry, size and credit.
At this time Mexico meets all the requirements and is expect to have no problem peforming in that capacity for three months in a row. Mexican debt could enter the Index as early as October 2010. Mexico will be the first Latin American country to be added to Citigroup's World Government Bond Index.
Tuesday, March 23, 2010
Mexican Peso Rises on Inflation Bond Sale
Mexican Peso Inflation Bond Sale
The inflation bonds recently offered by the Mexican government have helped the Mexican peso rise over the last couple of days as it is believed foreign investors will buy them up.
Surprisingly, the Mexican peso has performed best against the U.S. dollar of the 16 major currencies in 2010.
It is estimated about $1.2 billion in 30-year bonds will be sold today.
“These bonds have a certain advantage and will be of interest to foreign and domestic investors,” Arnulfo Rodriguez, head of fixed income research, at Citigroup’s (NYSE:C) Banamex unit. “If inflation reaches 5 percent, than we are talking about an implicit rate of 9 percent, which would be very attractive.”
The inflation bonds recently offered by the Mexican government have helped the Mexican peso rise over the last couple of days as it is believed foreign investors will buy them up.
Surprisingly, the Mexican peso has performed best against the U.S. dollar of the 16 major currencies in 2010.
It is estimated about $1.2 billion in 30-year bonds will be sold today.
“These bonds have a certain advantage and will be of interest to foreign and domestic investors,” Arnulfo Rodriguez, head of fixed income research, at Citigroup’s (NYSE:C) Banamex unit. “If inflation reaches 5 percent, than we are talking about an implicit rate of 9 percent, which would be very attractive.”
Tuesday, March 4, 2008
Major Currency Updates around the web
The U.S. dollar continues to be all over the place against currencies, but continues to weaken against the majors. In Latin America it did find some strength today, as it gained against a number of currencies from south of the border.
Here's some links to major currency stories today:
Forex - US Dollar Edges Higher Versus Latin American Currencies
The US dollar was relatively strong against its Latin American counterparts on Tuesday's New York deals. The dollar recovered from an initial pull back against the Latin American majors during afternoon deals today.
If you want to know where commodity prices are going, you can dive down the rabbit hole of raw-materials supply and demand, trying to figure out everything from how the weather in Saskatchewan will affect wheat crops to what the surging Indian economy will do to demand for gold.
Or, you can just watch the currency market.
The central bank, Bangko Sentral ng Pilipinas (BSP), has built up a record $13-billion stock of foreign exchange outside its official foreign reserves as of end-January, up $2.3 billion from the end-December level, according to its official data.
Mexico's peso softened against the dollar Tuesday as local stocks fell on profit taking following big gains the previous session.
The peso was quoted in Mexico City as closing at MXN10.7230, compared with MXN10.6940 at the opening and MXN10.7075 at Monday's close.
The yen rose on Tuesday as weaker global equities encouraged investors to unwind carry trades, while the euro paused against the dollar after European officials voiced concerns about its latest rally.
The dollar slipped against the euro Tuesday in the face of fresh inflation fears in the eurozone and a call by the US Federal Reserve chief for tough action to stem US mortgage foreclosures.
The euro edged higher against the dollar as the US currency's recovery overnight began to lose momentum.
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