Pesos expected to breathe next week
Posted 08 March 2009 - 08:27 AM
Posted 08 March 2009 - 08:42 AM
Posted 08 March 2009 - 08:50 AM
Posted 08 March 2009 - 08:51 AM
Here is the first page translation it is a 4 page article...To read the rest of the article copy and past the Spanish into google translate ... http://translate.goo...l...sl=es&tl=en#
MEXICO DF, Mar 6 (Reuters) - The Mexican peso, which in 2009 lost 9.29 percent of its value against the dollar could get a breather next week following the implementation of changes to the schedule of auctions dollars from the central bank sought to stem the decline of the currency.
Exchange Commission in Mexico, consisting of the central bank and the Ministry of Finance announced this week that the Bank of Mexico will begin on Monday a daily auction of $ 100 million, regardless of the level of the exchange rate that is is the weight.
In addition, the Central Bank will auction dollars at a daily rate of at least 2 percent higher rate of the previous day, but the amount was reduced to 300 million dollars a day, from $ 400 million that was auctioned since October.
The Mexican stock market, which from Monday until April 3 will open at 7.30 local time and will close operations at 1400 local time, would range between 16,500 and 17,000 points, close to the release of U.S. economic figures.
Other relevant data, toward the end of the week, the U.S. will be released retail sales figures, trade balance, import prices, as well as the confidence index from the University of Michigan [ECI / US ].
As for the auction value of the primary Tuesday, experts expect increases in the yields of Treasury Certificates (Cetes) in Mexico, a market expectation of the inflation report in February that the central bank will announce in advance on Monday.
"The consumer price data would influence the bond market. I would hope that would be a negative, especially for the part behind where it was confirmed that there is inflationary pressure and this gives floors metería higher rates on bonds" "said Eduardo Avila, manager of analysis Monex.
According to a Reuters poll, Mexico would have registered an inflation of 0.20 percent in the second month of the year by an increase in prices of some imported raw materials such as metals and petrochemicals to the depreciation of local currency.
Posted 08 March 2009 - 09:03 AM
Mexico’s Peso Drops as Currency Commission Pledge Falls Short
Warning!!! Please don't feed the trolls.
Thank God we don't get all the government we pay for!!!
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