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Mexico’s hits three-week high on US manufacturing

Wednesday, May 2, 2012

Mexico’s peso rose to a three-week high after a report showing US manufacturing unexpectedly expanded in April bolstered optimism about economic growth in the Latin American country’s top export market.

The peso gained 1 percent to 12.8886 at 11:31 a.m. New York time, and earlier climbed to 12.8843, the strongest since April 6. Mexico’s currency has risen 8.1 percent this year, the most among all of its 16 most-traded peers.

The Institute for Supply Management’s US factory index climbed to 54.8 last month, exceeding the most optimistic forecast of analysts surveyed by Bloomberg.

Source: Bloomberg