Mexico's peso on the slide as concern grows over US
Mexico’s peso has turned from the world’s strongest major currency into the weakest of the past month amid growing investor concern the economy will slow as demand diminishes from the U.S., its biggest trading partner.
After strengthening 12 percent against the dollar since the end of May, the peso has weakened more than 2 percent, the biggest decline among 16 most traded currencies, according to data compiled by Bloomberg.
X-Trade Brokers Dom Maklerski SA, the second most-accurate forecaster, says it will depreciate another 3.7 percent by September and Bank of Nova Scotia, the third-best, recommends selling the peso. Futures traders are cutting bullish bets at the fastest rate since June.