Mexico peso firms to 10-month high, S&P comments help

MEXICO CITY Thu Jan 17, 2013 2:10pm EST

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MEXICO CITY Jan 17 (Reuters) - Mexico's peso firmed to a 10-month high on Thursday, tracking a rise in the S&P 500 to a five-year intraday high on improved jobs and housing data in the United States, Mexico's top trading partner.

The peso gained 0.51 percent to 12.5555 per dollar, helped by comments from an S&P official who said progress on key economic reforms could lead to more favorable sovereign debt ratings.

The cost of dollars in pesos has fallen to a key support level. A break below 12.55 could herald further gains for the peso or investors could soon be quick to take profits, sending the dollar higher.

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