Mexican Peso Drops as Crude Oil Tumbles

The Mexican peso tumbled today against the U.S. dollar as crude oil declined, dragging along with it the currencies tied to commodities, and with increasing global risk aversion sentiment.
Mexico, being the second biggest supplier of crude oil in the world, greatly depends on oil prices, which dropped 4 percent to $82.74 a barrel today on NYMEX. The budget deficit problems in Europe negatively affect the global risk sentiment, also weakening the peso.
USD/MXN traded near 12.5998 as of 11:19 GMT today up from the opening price of 12.5316.

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