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Mexico Snaps Six Day Advance, Correlated with Equities

The Mexican peso is losing ground against the dollar today for the first time in seven sessions. The peso's heavier tone is consistent with the generally heavier tone among emerging market currencies today. Concerns about global growth, with softer than expected PMI readings from China and Europe, concern that China may still hike rates, and the uncertainty facing a second aid package for Greece may all be conspiring to spur some profit-taking in the peso.
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