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MEXICO CITY/RIO DE JANEIRO: Mexico's peso led gains among Latin American currencies but the pace of a four-week rally could be easing with investors showing caution as Greece races to complete a debt deal.
Mexico's peso firmed 0.72 percent to 12.9155, in its tenth straight session of gains. Brazil's real firmed 0.32 percent to 1.7376 to the dollar. Chile's peso closed at a four-month high, firming 0.43 percent to 484.30.
Easing concern about European debt has seen Latin American currencies surge this month.
The Mexican peso, Colombian peso, Chilean peso and Brazilian real have all gained about 7 percent this year, and make up four of the eight biggest gainers of the 152 currencies tracked against the dollar by Thomson Reuters.
Further supporting sharp gains this week, the Federal Reserve forecast it could keep interest rates near zero until 2014, in an effort to bolster the United States economy, which supported gains for higher-yielding emerging market assets.
But analysts see the advances being curbed.
"Unless we get another game changing event, the momentum in the rally will slow down some," said Maya Hernandez, a Latin American strategist at HSBC Bank in New York, adding that the peso's gains have been "too quick."
Slowing the rally on...
MEXICO CITY/RIO DE JANEIRO: Mexico's peso led gains among Latin American currencies but the pace of a four-week rally could be easing with investors showing caution as Greece races to complete a debt deal.
Mexico's peso firmed 0.72 percent to 12.9155, in its tenth straight session of gains. Brazil's real firmed 0.32 percent to 1.7376 to the dollar. Chile's peso closed at a four-month high, firming 0.43 percent to 484.30.
Easing concern about European debt has seen Latin American currencies surge this month.
The Mexican peso, Colombian peso, Chilean peso and Brazilian real have all gained about 7 percent this year, and make up four of the eight biggest gainers of the 152 currencies tracked against the dollar by Thomson Reuters.
Further supporting sharp gains this week, the Federal Reserve forecast it could keep interest rates near zero until 2014, in an effort to bolster the United States economy, which supported gains for higher-yielding emerging market assets.
But analysts see the advances being curbed.
"Unless we get another game changing event, the momentum in the rally will slow down some," said Maya Hernandez, a Latin American strategist at HSBC Bank in New York, adding that the peso's gains have been "too quick."
Slowing the rally on...
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