Mexico's peso slumps to 8-week low, breaks key level
MEXICO CITY |
MEXICO CITY Feb 26 (Reuters) - Mexico's peso weakened sharply on Tuesday to its weakest since the start of the year, breaking a key technical level that could bode for further losses.
The peso shed 0.75 percent to 12.8950 per U.S. dollar, its weakest intraday level since Jan. 2.
The cost of dollars in pesos shot above its 100-day simple moving average. The dislocation from recent pricing could spur bargain hunters to jump in, or it could mark the beginning of a steeper downtrend.
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