Mexican Peso Advances on Fitch Ratings Cut

The Mexican peso rose after Fitch Ratings finally ended a speculations drama and cut the country’s rating one level, making the peso to grow as currently it is one of the cheapest currencies among emergent markets.

The Mexica currency touched a one-month high and is set to grow further after Fitch Ratings finally announced a one-level rating cut, ending speculations regarding this topic which lasted for around one month. The peso now is due to climb further on U.S. recovery and speculations that it is currently undervalued.

USD/MXN traded at 12.92 as of 17:06 GMT from an opening rate of 12.98 today.

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