By Michael J. Moore
Oct. 21 (Bloomberg) -- Mexico's peso fell for a third day as U.S. stock futures dropped and technology companies' earnings provided evidence that Mexico's largest trading partner may be headed toward a recession.
The peso dropped 1.1 percent to 13.1397 per U.S. dollar at 8:34 a.m. New York time from 12.9901 yesterday. Banco de Mexico has bought $11.2 billion worth of pesos in the past two weeks in an effort to shore up the currency after it plunged to a record low of 14.2927 on Oct. 8.
To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net
Tuesday, October 21, 2008
Mexico's Peso Falls for Third Day on U.S. Recession Concern
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