Mexico peso slips on US trade data, unemployment

MEXICO CITY, March 11 (BestGrowthStock) – Mexico’s peso slipped on
Thursday and stocks fell after U.S. data showed a drop in
Mexico’s U.S.-bound exports and slightly weaker-than-expected
results on jobless claims, hurting confidence in the U.S.
economic recovery.

Mexico is counting on a rebound in consumer demand in the
United States, where it sends around 80 percent of its exports,
to further its recovery from a deep recession.

The peso (MXN=: ) (MEX01: ) lost 0.24 percent to 12.6225 per
U.S. dollar while the IPC stock index (.MXX: ) fell 0.22 percent
to 32,432.

The U.S. Commerce Department said imports from Mexico fell
an unadjusted 5.3 percent in January from December. The U.S.
trade gap shrank 6.6 percent to $37.3 billion as oil imports
fell to their lowest level since February 1999.

“This leaves the impression that the recovery that is
happening in the United States is a bit slow, which is
evidently bad for a provider like Mexico,” said Ixe economist
Luis Flores.

A separate report showed the number of U.S. workers filing
new applications for unemployment benefits fell slightly less
than expected last week, hinting at a slow labor market
recovery.

In stock trading, shares in Wal-Mart de Mexico (WALMEXV.MX: )
lost 0.84 percent to 61.08 pesos while miner Grupo Mexico
(GMEXICOB.MX: ) fell 1.23 percent to 32 pesos.

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(Reporting by Michael O’Boyle and Jean Luis Arce; Editing by
Leslie Adler)

Mexico peso slips on US trade data, unemployment