Mexican stocks fall for tenth consecutive day, currency gains

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Mexican stocks fall for tenth consecutive day, currency gains

On Friday, the 10th of March 2019, the Mexican stock market fell for the tenth straight sessions in a row, while the Mexican Peso eased off a slice of its losses following a global scale retreat of American dollar upon arrival of a fresh bunch of lachrymose figures for US economy.

A weaker-than-anticipated job growth which breached a one and half year low level and a contracted US non-farm payroll had closemouthed a renewed optimism of trade talk, while the Friday’s US economic data appeared to be supporting the “patient approach” of Federal Reserve while hiking interest rate further this year.

However, Mexican stock market alongside global stocks had experienced an agonizing outcry on Friday (March 8th), while the Mexican stocks were muzzled in the muds, losing more than 4.90 percent in the past ten days. Amid one of the longest losing streak of the Mexican stock market, the Mexican peso acquired a gain of 0.31 percent to 19.4890 per US Dollar.

Despite an upbeat movement in the currency market, the Mexican Peso had posted a weekly plunge of 1.20 percent, scoring its worst performance since late-November. Although a downgrading of Mexican state oil company Pemex alongside its sovereign bond by S&P rating agency had butchered investors’ confidence, analysts are expecting Mexican stocks to gain an upswing momentum next week, as the Mexican government had announced another round of fresh stimulus for Pemex on Saturday (March 9th).