Mexico peso firms on Greece bailout, US data

* Peso firms 0.54 pct, IPC stock index up 0.86 pct

* Aid for Greece, U.S. data support currency
(Recasts, adds comment, stock movements and background)

MEXICO CITY, May 3 (BestGrowthStock) – Mexico’s peso firmed on
Monday after an aid package for debt-laden Greece eased
immediate fears of a default by Athens and U.S. consumer and
manufacturing data boded well for Mexican exports.

The peso (MXN=: )(MEX01: ) strengthened 0.54 percent to 12.249
per U.S. dollar while the benchmark IPC stock index (.MXX: ) rose
0.86 percent to 32,967.

European countries agreed to a 110 billion-euro ($146.5
billion) aid package for Athens, offering some relief to the
concerns about European debt that have hurt appetite for
riskier assets in general in recent months.

“The news from Europe is calming,” said Omar Martin del
Campo, a trader at Banco Ve por Mas in Mexico City. “Things are
returning to the normality we saw before the data on ratings.”

Last week, credit ratings agencies’ downgrades of Greece,
Portugal and Spain spurred a global sell-off of riskier assets,
knocking the peso to a 1-month low on concern’s Europe’s debt
troubles were widening.

Also helping the Mexican currency, U.S. consumer spending
increased as expected in March for a sixth straight month while
a separate survey showed the U.S. manufacturing sector grew in
April at its fastest pace in almost six years, according to
data released on Monday.

The United States buys around 80 percent of Mexican exports
and the two countries closely-linked factories operate in lock
step. Mexico is counting on a solid rebound in U.S. consumer
demand to fuel a recovery from a deep recession last year.

Analysts following Mexico’s economy slightly revised up
their outlooks for growth this year to 4.2 percent, according
to a monthly poll released by the central bank on Monday.
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In stock trading, retailer Elektra (ELEKTRA.MX: ) rose 2.26
percent to 599 pesos while miner Penoles (PENOLES.MX: ) added
2.13 percent to 265.10 pesos.

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(Reporting by Jean Luis Arce and Michael O’Boyle. Editing by W
Simon )

Mexico peso firms on Greece bailout, US data