Mexico's peso firms nearly 1 pct, breaks key level

MEXICO CITY, April 5 Fri Apr 5, 2013 2:39pm EDT

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MEXICO CITY, April 5 (Reuters) - Mexico's peso extended sharp gains on Friday, breaking a key level at 12.20 per dollar as it traded at its strongest in more than 19 months.

The peso firmed almost 1 percent to as strong as 12.1940 per dollar.

Mexico's peso may keep gaining ground due to optimism about the new government's economic reform plans and expectations the country could see a credit ratings upgrade this year.

Traders said investors took advantage of a steep sell off in the peso early in the session on weak U.S. jobs data to pile into the currency.

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