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The collapse of Mexico’s Peso

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The Mexican peso has slumped to its lowest level in nearly six years. The peso is down more than 4% since Dec. 4, its worst six-session run in 1-1/2 years. On Dec. 11th, it traded around 1.5 percent lower at 14.7943 per U.S. dollar. This has panicked Mexico’s Central Bank into selling $200 million at auction.
Mexico and other global oil markets have been sent into a tailspin after the recent sharp drop in oil prices due to increased U.S. production.
Mexico is a top oil exporter to the U. S., but lack of liquidity in the coming weeks due to lower exports to the U.S. could force the peso to fall much further.
Experts are saying that the peso could quickly hit its all-time low of 15.60 that it hit in March 2009.
After Mexico’s $200 million panic dollar auction program this week, Mexican Central Bank Governor Agustin Carstens said higher interest rates could be in store for the country.
Foreign investors currently hold more than 2 trillion Mexican pesos (U.S. $136 billion) of debt, or nearly 40% of the outstanding local currency debt.
Mexico and other countries will be severely tested by the rapid drop on crude oil prices due to increased U.S. production. In addition, since energy, not labor costs, are the main factor in the cost of production, Mexico and other countries may lose much of their export market to the U.S.
Financially, the world is changing – rapidly as Mexico becomes cheaper for visiting Americans.

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