The Mexican peso climbed for a fifth day in the longest rally since November after U.S. employers added jobs at the fastest pace in two years in April, boosting the outlook for Mexico’s biggest trading partner.
Falling commodity prices and a slowing economy will weaken the Australian dollar as the undervalued Mexican peso climbs, according to Marc Chandler at Brown Brothers Harriman & Co.
The Mexican peso’s implied volatility fell to a 10-month low on speculation lawmakers will approve rules implementing constitutional changes that the government says will boost growth.
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