Mexican Peso Drops with Oil Prices & Higher Unemployment

The Mexican peso weakened today as the debt crisis threats to spread across the Europe, curbing the commodity prices, and on the increasing unemployment rate.
Crude oil, the biggest source of the export income, forming about a third of the country’s budget, dropped 4.4 percent before settling at $68.75 per barrel today in New York. The unemployment rate climbed to 5.4 percent in April from 4.8 percent in March, while the analysts expected the lower unemployment.
USD/MXN traded today at 12.9879 as of 9:45 GMT up from the opening level of 12.9864.

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