Mexican Peso Declines as Europe’s Debt Crisis Erodes Demand - Bloomberg: Mexico’s peso fell as demand for the country’s higher-yielding assets declined after a German official said Europe’s largest economy rejected combining euro- area rescue funds.
The peso declined 0.2 percent to 13.5107 per U.S. dollar at close in Mexico City, from 13.4823 yesterday. It has weakened 8.7 percent this year.
Germany will oppose any attempt to change plans for the permanent European Stability Mechanism to take over from the current rescue fund at an appointed time, a German official told reporters in Berlin today on condition of anonymity because the negotiations are private. The Mexican peso has declined 13 percent in the past six months, the worst performance among Latin America’s major currencies.
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