March 3, 2017 / 4:02 PM / 5 months ago

EMERGING MARKETS-Mexico peso firms to the strongest since U.S. vote

3 Min Read

    SAO PAULO, March 3 (Reuters) - The Mexican peso on Friday
firmed to the strongest since the November U.S. elections after
the U.S. Commerce Secretary said a sensible trade deal with
Mexico could help the battered currency.
    The peso strengthened 2 percent to 19.57 per
dollar, the strongest in four months.
    The peso had closed 2016 with its worst yearly performance
since 2008 after U.S. President Donald Trump threatened to pull
the United States out of the North American Free Trade Agreement
(NAFTA).
    Speaking on CNBC, U.S. Secretary of Commerce Wilbur Ross
said those NAFTA fears pummeled the peso, which reached an
all-time low on Jan. 11, and that a sensible trade deal would
boost it.
    Trump has also said he would slap a hefty tax on imports to
the United States from Mexico to pay for a border wall.
    Other Latin American currencies seesawed as traders avoided
making big bets ahead of a speech by U.S. Federal Reserve Chair
Janet Yellen later in the day.
    Expectations of a U.S. rate increase in March, which could
reduce the allure of high-yielding assets, have weighed on
demand for emerging market currencies this week.
    
    Key Latin American stock indexes and currencies at 1535 GMT:
 Stock indexes                               daily %    YTD %
                                              change   change
                                  Latest              
 MSCI Emerging Markets               929.17    -0.77     8.59
 MSCI LatAm                         2579.68    -0.11    10.33
 Brazil Bovespa                    65897.25     0.06     9.41
 Mexico IPC                        47127.49    -0.34     3.25
 Chile IPSA                         4419.90        0     6.47
 Chile IGPA                        22122.11     0.02     6.69
 Argentina MerVal                  19043.56      0.4    12.56
 Colombia IGBC                      9878.89     0.08    -2.46
 Venezuela IBC                     37409.75     1.63    17.99
                                                             
 Currencies                                  daily %    YTD %
                                              change   change
                                     Latest           
 Brazil real                         3.1439     0.20     3.35
 Mexico peso                        19.6380     1.82     5.63
                                                      
 Chile peso                           657.3    -0.43     2.04
 Colombia peso                      2981.25    -0.32     0.68
 Peru sol                              3.29    -0.24     3.77
 Argentina peso (interbank)         15.4700    -0.39     2.62
                                                      
 Argentina peso (parallel)               16     0.12     5.13
                                                      
 

 (Reporting by Bruno Federowski; Editing by Andrea Ricci)
  

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