The Mexican peso advanced today as US durable goods orders grew in February faster than was expected, improving prospects for Mexican exports. The currency lost its gains as of now as the Forex market remains in the risk-off mode still.
Durable goods orders expanded 5.7 percent in February. The actual increase beat the consensus forecast of 3.9 percent. The data was very favorable to the peso as about 80 percent of Mexican exports go to the United States. The currency lost its gains later as the situation in Cyprus still makes traders nervous.
USD/MXN rose from 12.3516 to 12.3693 as of 17:01 GMT today after falling to 12.3053 earlier.
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