Reuters: US Dollar Report: EMERGING MARKETS-Brazil real dips, Mexico peso helped by US data

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EMERGING MARKETS-Brazil real dips, Mexico peso helped by US data Mar 1st 2013, 23:00 Tweet Share this Email Print Related Topics Currencies » Bonds News » Bonds » Markets » Fri Mar 1, 2013 6:00pm EST * Weak China, Europe factory surveys hit real * Surge in U.S. manufacturing activity helps Mexican peso * Brazil real dips 0.17 pct, Mexico peso up 0.16 pct MEXICO CITY, March 1 (Reuters) - Brazil's real slipped on Friday, hurt by weak economic data in its main trading partners China and Europe while Mexico's peso firmed on a report of strong U.S. manufacturing activity. Investors started the month on a cautious footing as surveys showed Chinese factories slowed while European manufacturing output fell. China is Brazil's top trading partner. In Brazil, data showing the economy grew only 0.9 percent last year added to the lackluster market sentiment. Luciano Rostagno, chief strategist at WestLB bank, said the data pointing to weaker global growth weighed the most. "The (local) GDP data functioned only as a secondary factor," he said. The Brazilian real weakened 0.17 to 1.9809 per dollar. The real trimmed losses after U.S. manufacturing activity expanded last month at its fastest clip in 20 months. Mexico's peso shook off a steep drop to firm 0.16 percent to 12.7650 per dollar. The peso fall, off a high in January after Mexico's central bank said it could cut interest rates if inflation keeps cooling and growth slows. Lower benchmark interest rates curb the attraction to yield-hungry investors. About one in four analysts think Mexico's central bank could lower its benchmark rate from 4.5 percent next Friday, a Reuters poll showed on Friday. The majority see the Banco de Mexico waiting until April or June, but then acting decisively with a 50 basis point reduction, according to the median of 19 forecasts. Latin American FX prices at 2215 GMT Currencies daily % YTD % change change Latest Brazil real 1.9809 -0.17 3.00 Mexico peso 12.7650 0.16 0.78 Chile peso 474.0000 -0.27 0.99 Colombia peso 1813.2000 -0.02 -2.60 Peru sol 2.5940 -0.19 -1.66 Argentina peso 5.0475 0.00 -2.67 Argentina peso 7.8200 0.26 -13.30 Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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