Mexico’s Peso Gains Most Among Major Currencies as Crude Rises

bloomberg.com

By Jonathan Levin  

Feb 17, 2014 

Mexico’s peso rose the most among the world’s major currencies as an advance in oil prices boosted the outlook for energy exports.

The appreciated 0.3 to 13.2014 per U.S. dollar at 9:34 a.m. in Mexico City. It was the best performer among 16 major dollar counterparts tracked by Bloomberg.

Oil climbed for the first time in three days as a report showed lending rose to a record in China, the world’s biggest oil consumer after the U.S. The futures on West Texas Intermediate crude climbed as much as 0.8 percent in New York. Petroleos Mexicanos, Mexico’s state-owned oil producer, is the nation’s biggest company.

The Chinese report is fueling “optimism that it will be favorable for growth,” Grupo Financiero Banorte SAB strategist Juan Carlos Alderete wrote in an e-mailed research note.

Yields on peso bonds due in 2024 fell 0.03 percentage point to 6.34 percent, according to data compiled by Bloomberg. The price rose 0.26 centavo to 128.52 centavos per peso.