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pepino
Banned
Posts: 53
Registered: 5-11-2010
Location: Baja
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I smell a lot of opinions.
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bajalou
Ultra Nomad
Posts: 4459
Registered: 3-11-2004
Location: South of the broder
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Just looked back a little over a year - Peso was at 14+ to the dollar for the month of march 2009.
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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woody with a view
PITA Nomad
Posts: 15939
Registered: 11-8-2004
Location: Looking at the Coronado Islands
Member Is Offline
Mood: Everchangin'
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| Quote: | Originally posted by pepino
I smell a lot of opinions. |
si, Pepino. opinions are like culos. everyone has one and they all stink.
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BajaNews
Super Moderator
Posts: 1439
Registered: 12-11-2005
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Peso falls six straight days
http://www.signonsandiego.com/news/2010/may/23/peso-falls-si...
May 23, 2010
Mexico’s peso fell against the dollar for six consecutive days until rising to 12.9491 to the dollar Friday. That broke the peso’s longest losing
streak since September. The six-day fall, attributed in part to the European debt crisis, erased a year-to-date gain for the peso.
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http://www.businessweek.com/news/2010-05-25/mexico-s-peso-we...
Mexico’s Peso Weakens for Second Day on European Debt Crisis
May 25, 2010, 6:03 PM EDT
By Andres R. Martinez
May 25 (Bloomberg) -- Mexico’s peso dropped for a second day on concern the European debt crisis may be spreading, threatening to slow the global
economic recovery.
The currency dropped 0.1 percent to 13.0443 per dollar at 5 p.m. New York time, from 13.0300 yesterday. The peso earlier touched 13.3848, the weakest
level since Nov. 9. The decline pared the peso’s gain this year against the U.S. dollar to 0.4 percent.
“The risk is that the European economy and the global economy will begin to slow in the second half of the year,” said Bertrand Delgado, a senior
Latin America economist at RGE Monitor, a research company in New York. “Markets are way too fragile right now and any little thing is affecting
them.”
The MSCI World Index of 23 developed nations’ stocks fell as much as 3.4 percent today. The Standard & Poor’s 500 Index dropped as much as 3.1
percent before closing higher.
The drop in crude oil, Mexico’s largest export, is also driving the peso lower, Delgado said. Oil revenue funds about a third of the government’s
budget. Crude fell as much as 4.4 percent before settling at $68.75 a barrel in New York today.
Mexico’s unemployment rate rose to 5.4 percent in April from 4.8 percent in March, the national statistics agency said. Economists had forecast the
rate would fall to 4.7 percent, according to the median of 14 estimates compiled by Bloomberg.
Deposit Restrictions
The yield on Mexico’s 10 percent peso bond due in 2024 fell one basis point, or 0.01 percentage point, to 7.679 percent, according to Banco Santander
SA. The price of the security rose 0.11 centavo to 120.26 centavos per peso.
Traders didn’t exercise any of the $600 million in options available today, the central bank said on its website. The central bank has been auctioning
the options monthly, allowing it raise its foreign reserves after the peso fell to a record low last year.
Mexico will put new restrictions on cash deposits made in U.S. dollars in an effort to curb money laundering, Mexican Finance Minister Ernesto Cordero
said.
The rule changes will be announced in detail next week, Cordero told reporters today during an event in Mexico City. He emphasized that Mexico isn’t
implementing exchange controls.
The measures aim to crack down on the finances of drug traffickers and organized crime in Mexico. The U.S. Justice Department estimates $17.2 billion
of cocaine, marijuana and other drugs cross the border from Mexico into the U.S. annually. More than 22,000 people have been killed in related
violence since President Felipe Calderon took office in 2006.
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DavidE
Ultra Nomad
Posts: 3814
Registered: 12-1-2003
Location: Baja California México
Member Is Offline
Mood: 'At home we demand facts and get them. In Mexico one subsists on rumor and never demands anything.' Charles Flandrau,
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There are just too many variables for this poor humble MBA to see a clear path through the fog. One issue is USA institutional investors who can dump
a billion or three into Mexican instruments with the touch of a key. They are looking for yield and Mexico has it and the USA doesn't. Mexican finance
ministers learned after the christmas surprise that feeding the wolves just a few dozens of millions of dollars a day can have a rather dramatic
strengthing effect -if there is no external pressure on the peso-
Guillermo Ortiz was the first to discover this and the practice is now instiutionalized to the point of automation. If pressure is heavy trading
stops and then resumes when things calm down. To wit, the peso can devalue by a half point in a day under heavy trading then revalue over the next
several days with injection of US Dollars.
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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
Member Is Offline
Mood: Suicide Hot line ... please hold
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Wow, too cool... just like the United States House and Senate... great thread... thanks to all
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