Mexican Peso Suffers from Risk Aversion Caused by Greece

The Mexican peso fell against the US dollar today as the debt crisis in Greece made traders unwilling to buy riskier currencies of emerging economies. The currency bounced from the daily low as of now but is still trading below the opening level.
Greece shocked everyone last week, announcing a referendum about the austerity measures proposed by the International Monetary Fund and the European Union. The voting is scheduled for July 5, meaning that the country will miss the deadline for debt repayment on June 30. Concerns have abated a bit by now as economists speculated that the impact of the possible Greece’ exit from the eurozone will not hurt other countries of the currency union much.
USD/MXN rose 0.59 percent to 15.6505 as of 16:01 GMT today.

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