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Mexico had its credit rating raised by Fitch Ratings on the prospect that proposed legal changes will boost growth in Latin America’s second-largest economy. The peso surged to the strongest level since August 2011.
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Mexican bond yields tumbled to a record a day after central bank Governor Agustin Carstens said policy makers will consider cutting borrowing costs if annual inflation slows to within the target range.
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Peru’s sol tumbled, extending its weekly decline to the biggest in almost four years, as commodity prices fell on concern growth in the world’s largest economies is slowing.
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Peru’s sol slid to a nine-month low, raising the possibility that the central bank may intervene to strengthen the currency, according to economists at Banco Bilbao Vizcaya Argentaria SA and Nomura Holdings Inc.
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Mexican President Enrique Pena Nieto’s multi-party pact to boost private investment in the oil industry and improve tax collection has been jeopardized by allegations of corruption in the government.
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Mexican central bank Governor Agustin Carstens defended the board’s decision to cut interest rates last month, saying the reduction recognized the nation’s advances against inflation.
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Mexico’s peso weakened as U.S. companies added fewer jobs than forecast last month, damping the economic outlook for the Latin American country’s biggest trading partner.
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Diminishing returns in the Mexican government bond market are prompting the nation’s pension funds to shift some of the $152 billion they manage into real estate.
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Mexico’s peso rose the most among major Latin American counterparts as Pacific Investment Management Co.’s Bill Gross called it a “great currency.”
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Mexico’s central bank unexpectedly cut its benchmark interest rate for the first time since 2009 as inflation remains within the target range and growth slows. The peso strengthened.
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