The Mexican peso traded higher against the US dollar after the release of Mexican traded balance and CPI reports during New York morning trading on Wednesday.
The latest data from the statistical office INEGI showed today, Mexico’s trade balance moved to surplus in January and amounted to US$69 million.
This was bigger than the US$63 million estimated in the preliminary report. In December, the trade balance showed a deficit of US$218 million.
According to a report released by the central bank today, inflation in Mexico eased to 3.57% in February from 3.78% in January. The figure was almost in line with economists’ forecast of 3.6%.
On a monthly basis, consumer prices rose 0.38% during the month, slower than the 0.4% rise expected. According to the bank, the slowdown reflected weaker growth in prices of agricultural products as well as that of energy.
At 10:30 am ET, the Mexican peso climbed to more than a 1-month high of 11.9626 versus the greenback from previous session’s low of 12.0412. As of now, the Mexican unit is trading near 11.98 versus the dollar, compared to yesterday’s close of 12.0034.