Mexican Peso News
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JPMorgan Chase & Co. said China may widen the yuan’s trading band in the next three months after the foreign-exchange regulator announced rules to deter speculative funds from betting on appreciation.
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Mexico’s peso rose for the first time in four days as a report showed confidence among U.S. small businesses climbed last month, boosting the outlook for the Latin American country’s biggest trading partner.
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The dollar gained versus most of its major counterparts after a report showed U.S. retail sales unexpectedly increased in April, bolstering optimism in the world’s largest economy.
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Israel’s central bank unexpectedly cut its benchmark interest rate to a three-year low and announced a program to purchase foreign currency to limit gains in the shekel. Israeli stocks and bonds rose.
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The shekel weakened the most in more than four months after the Bank of Israel’s surprise interest rate cut and vow to buy as much as $2.1 billion in 2013 to curb the currency’s appreciation. Stocks rose the most in two months.
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Mexico’s peso plunged as industrial production fell three times more than analysts forecast in March, stoking speculation that policy makers will cut borrowing costs in Latin America’s second-biggest economy.
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Mexico’s peso bonds gained, sending yields to a record low, after Fitch Ratings upgraded the nation one notch and as Grupo Financiero Banorte SAB projected the central bank will reduce the key rate in July.
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The Polish central bank’s unexpected cut in interest rates is prompting investors to anticipate more reductions, brushing aside Governor Marek Belka’s efforts to temper speculation for further easing.
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Mexican peso bonds rose, pushing yields down from a two-week high, on speculation the government is making progress in its drive for legal changes to spur growth in Latin America’s second-biggest economy.
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Traders’ expectations for swings in the Mexican peso fell to an eight-week low as foreign investors seeking to profit from the country’s higher interest rates pour into the Latin American nation, options show.
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