Mexico's peso slumps to 8-week low, breaks key level

MEXICO CITY Tue Feb 26, 2013 10:39am EST

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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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A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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