Mexico changes terms of daily dollar auctions

Mexico's currency commission said on Thursday that it was changing the terms of its daily dollar auctions to stabilize the peso, but would continue to auction US$400 million through January 29.

The commission said that it will suspend daily dollar auctions without a minimum price starting November 23, but will extend daily auctions with a minimum bid for up to US$200 million through January 29.

Supplementary auctions for up US$200 million will be triggered if the currency fluctuates more than 1.5 percent versus the previous day's fix.