USD/MXN Lowest In 2 Months On Trade Surplus Surprise

Mexico’s peso rose to a two-month high after a report showing an unexpected trade surplus in February supported growth expectations for Latin America’s second-biggest economy.

The peso appreciated 0.4 percent to 13.0816 per U.S. dollar today, the strongest level since Jan. 10, according to data compiled by Bloomberg. Benchmark peso bonds due in 2024 increased for a fifth consecutive day, rising 0.46 centavo to 130.12 centavos per peso. Yields fell five basis points, or 0.05 percentage point, to 6.15 percent.

Mexico posted a preliminary trade surplus of $976 million in February, compared with a $200 million deficit forecast by economists surveyed by Bloomberg. The economy will grow 3.25 percent in 2014, compared with a 1.1 percent expansion last year, according to the median forecast in a survey by Bloomberg.

Bloomberg

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