Peso pummeled by surging U.S. dollar

Falling oil prices have taken the Mexican peso along with it

MEXICO.- This morning, the Aztec currency has suffer a drop of .77%, falling to 14.9325 units per dollar, according to banking company Banamex.

At banks in the country's capital, the dollar is now trading at 15.22 pesos. The peso's downfall is followed by Mexican Stock Exchange drop also, which today fell 2% reaching the 42,000 points, its lowest figures in five and half years.

[/p]

More drops going around the world: Oil, whose levels decreased to less than $50 USD per barrel, also this morning, although it recovered a bit settling at 50.37.

Image: WallSreetJournal
Image: WallSreetJournal

As explained by "Wsj.com", a strong dollar means that oil, which is traded in dollars, is more expensive in some places even though the price per barrel decreases, creating even more stress in the world's economies, especially for those who import oil. At the same time, countries who export oil will suffer given that they will gain less per barrel, this being something that will affect everyone except the United States, due to the fact that their economy is mainly based on consumers buying products, and cheaper oil will mean cheaper products to buy.

Source: "CNNExpansión.com"

Stay connected to San Diego Red through Facebook and Twitter.

jose.sanchez@sandiegored.com

zyanya.figueroa@sandiegored.com

Comments

  • Facebook

  • SanDiegoRed

 
 
  • New

  • Best

    Recent News more

    Subir
    Advertising