USD/MXP Spikes On Foreign Reserve Comments

By Louis Winthorp
January 27, 2010 4:58 PM

Posted in: Forex

USD/MXN spiked higher and pushed through 13 briefly on comments from central bank Govenor Carstens that Mexico may begin a program to strengthen its foreign reserves so that it can end its IMF Flexible Credit Line when it expires in April will no disruptions.

Mexico has never drawn on that line (SDR 31.5 bln) but apparently wants to boost reserves to help limit market concerns when FCL expires.

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USD/MXP Spikes On Foreign Reserve Comments

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