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Mexico peso slumps to 3-mo low, blowing past 200-day SMA
May 30, 2013 / 4:58 PM / 4 years ago

Mexico peso slumps to 3-mo low, blowing past 200-day SMA

MEXICO CITY, May 30 (Reuters) - Mexico’s peso weakened sharply on Thursday after a steep tumble pushed investors to stop-loss levels where they abandoned bets on a stronger Mexican currency.

The peso shed 1.5 percent to 12.8505 per dollar, its weakest in three-months. Concerns the U.S. Federal Reserve may start to ease up on its stimulus program has hammered the peso this month after it recently had been one of the most popular emerging market bets.

The cost of dollars in pesos blew past its 200-day moving average on Thursday. The peso briefly slipped past the measure for the first time since last November in the previous session. If the break of the key measure does not tempt in bargain hunters soon, the peso may face deeper losses ahead.

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