Mexican Peso Extends Rally on U.S. Recovery

The Mexican peso is benefiting from the U.S. economic outlook for 2010, as Mexico has the U.S. as the main destination for its exports, both raw and manufactured, and an accelerated growth of its neighbor is helping Mexico’s currency to gain in foreign-exchange markets.

The peso continued to profit today from a better confidence towards its main trading partner, the U.S., as well as for increased crude oil rates, since the Latin American nation is one of the main oil suppliers for the U.S. together with Canada, helping the peso and the loonie to trade high in the beginning of 2010.

USD/MXN traded at 12.8190 as of 20:13 GMT from an opening rate of 12.8750.

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