Mexico peso hits all-time low on oil, global growth worries

The peso slumped for a sixth day, to an all-time low of 19.174 per U.S. dollar.

The Mexican peso has been a major victim as many investors use the highly liquid currency to hedge against Latin American assets in general. (Photo: Archive/El Universal)
English 11/02/2016 11:37 Reuters Actualizada 11:37
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The Mexican peso hit a record low on Thursday as a lingering slump in oil prices and concerns over global growth drove investors away from riskier assets.

Worried that lower crude prices and weakness in world No. 2 economy China could have lasting effects on the global economy, investors have been unwinding trades that sought to profit from high interest rates in emerging markets.

The peso slumped for a sixth day, to an all-time low of 19.174 per U.S. dollar. 

The Mexican peso has been a major victim as many investors use the highly liquid currency to hedge against Latin American assets in general.

Bets that financial turmoil will not derail the U.S. Federal Reserve's plan to increase rates later this year also weighed on sentiment. Fed Chair Janet Yellen said on Wednesday the U.S. central bank will proceed with "gradual" rate hikes despite pressure stemming from abroad.

 

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