Peso Moves From Stability To Strength

Regular readers will be aware that we have been growing increasingly constructive towards the Mexican peso over recent months, after what we viewed as a relatively robust performance in the latter stages of 2009. Increased resilience and a bullish technical break through the MXN12.68/US$ level encouraged us to turn outright bullish the unit against the US dollar in mid-March, a view which at the time of writing has netted just over 2.0% of implied gains in our Key Market Views portfolio.

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