Mexican Peso Climbs on Government Reforms

After a part of the 2010 budget was approved by the government, confidence towards the Mexican economy improved, attracting investors to the Latin American emergent market and influencing positively the peso rates.
The Mexican lower house budget approval led speculators to believe that the congress will pass necessary reforms to adjust Mexico’s fiscal situation, improving the Latin American country confidence among investors regarding the economic outlook in the region for 2010, fact which provided support for a rise in the peso rates today.
USD/MXN closed at 13.01 from an opening rate of 13.06.

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