World Economy

Mexican Peso Rebounds

Mexican Peso ReboundsMexican Peso Rebounds

Mexico’s peso clawed back gains from a record low on Friday after brutal losses during the week as a rebound in oil prices and global stocks lifted battered Latin American currencies, Reuters reported. Solid US consumer data on Friday helped stocks on Wall Street rebound while oil prices, which have driven the fortunes of oil producers like Mexico and Colombia, surged back from 12-year lows on a report that suggested OPEC might finally agree to cut production to reduce the world glut. Colombia’s peso also recovered from an all-time low, but analysts saw the rebound among emerging market assets as possibly short-lived due to worries about a US recession.