World Economy

Mexico Peso Slips

Mexico Peso SlipsMexico Peso Slips

Mexico’s peso deepened losses after Standard & Poor’s cut the country’s sovereign credit outlook to negative on Tuesday, while other Latin American currencies weakened following strong US housing data ahead of Fed Chair Janet Yellen’s speech Friday, Reuters reported. Mexico’s peso weakened for the fifth straight session to its worst level in two weeks after the move by S&P, which said a downgrade could happen in the next two years if the government’s debt or interest burden deteriorated. The currency closed down 1.46% at 18.56 per dollar, while Mexico’s IPC stock index fell 1.3% to close at 47,666.02 points, its biggest daily fall in two months.