Latin American Currencies Mixed Versus Dollar, Wednesday, June 13, 2007 10:25:50 AM

Latin American currencies were mixed against the dollar Wednesday morning in New York. The Mexican peso advanced against its American counterpart during the mid-morning. Meanwhile, the Brazilian real fell after the release of first quarter GDP data showed that the economy grew at a slower rate than it did in the previous quarter. Greenback traders considered the stronger-than-expected American retail sales report while looking ahead to Thursday and Friday`s release of PPI and CPI data.

The Mexican peso edged higher versus the greenback Wednesday morning in New York. The Mexican currency traded with uncertainty during the early morning before experiencing a decline around 4:30 am ET. The peso fell to an intraday low of 11.0328 at 5:40 am before more than recovering its losses. At 10:08 am, the Mexican currency traded at a mark of 10.9545 against its American counterpart.

The Brazilian real slid slightly lower against the dollar Wednesday morning in New York. The Brazilian currency edged lower during the early-to-mid morning before advancing to an intraday high of 1.9410 at 9:40 am ET. The real could not sustain those gains, however, as the Brazilian currency fell to a mark of 1.9440 at 10:15 am. This is compared to a level of 1.9420 at midnight. Trading took place amid news that Brazil`s economy grew at a slower rate in the first quarter than it did in the previous quarter.

Brazil`s economy grew 0.8% in the first quarter, slowing down from a 0.9% expansion in the previous quarter according to official data. The expansion amounted to 4.3% in the first quarter when compared to last year. First quarter growth versus the previous quarter was sparked mainly by a 1.7% expansion in the service sector. The agricultural sector fell 2.4%.

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