The peso depreciated 0.52% on Wednesday in a market waiting for a change in the note of Mexico's sovereign debt and announcements of U.S. Federal Reserve at the end of their monthly meeting.
A reference level at 48 hours, the local currency slipped to 13.3256/13.3276 6.86centavos pesos per dollar.
The market is awaiting news of a possible downgrade of the sovereign debt note Mexico after the passage of the tax package for 2010, on which analysts have said may not be sufficient to avoid a downgrade.
"The Mexican currency is the one with the worst performer among emerging market currencies (...) in the fiscal package is still see the decision of the rating and I think that is something that we do is affecting" said a local exchange carrier.
The package approved by Congress this weekend is a diminished version of the tax reform proposed by President Felipe Calderón, which included tax increases but, according to experts, would insufficient to strengthen public finances and reduce dependence on oil revenues.
Standard & Poor's and Fitch Ratings said Monday they expect to know the government's final budget for 2010 before making changes to the rating of the country.
"Until something concrete is approved we will continue to stagnate (...) if it had a bad comment ratings on Mexico that would be scary" said Alejandro Rocha, Bansi bank operator.
The Mexican currency gave back to the strong appreciation of their peers emerging against a weakening dollar, and the advancement of stock markets.
addition, the Fed will announce later the findings of its monthly meeting, and although the markets expect the entity to leave its interest rates unchanged, is expected to provide clues about the state of the world's largest economy and its monetary policy next moves
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