It's Not Looking Good For Mexico

Business Insider: The Mexican peso is tanking and the Banco de Mexico is stepping in to try to contain the damage.

The peso has been moderately sliding against the dollar throughout the year, but has really fallen dramatically since the end of October. Read more. 

Mexico moves as peso near 6-yr low, hedges add to pain

Reuters:  The Mexican peso slumped to its lowest level in nearly six years on Thursday, triggering central bank intervention, and analysts expect even deeper losses as foreign investors hedge record holdings of local currency debt.

Global markets have been sent into a tailspin after a sharp drop in oil prices prompted the selling of riskier assets near the year end.The peso is down more than 4 percent since Dec. 4, its worst six-session run in 1-1/2 years. On Thursday, it shed 1.4 percent to 14.7775 per U.S. dollar and triggered the central bank to sell $200 million at auction. Read more. 

Mexican Peso Falls to Two-Year Low as Central Bank Dims Outlook

Bloomberg: The currency declined 1.4 percent to 14.3591 per dollar at 4 p.m. in Mexico City, the biggest drop since August 2013 and the weakest closing level since May 2012. On the week, the peso lost 3 percent, the most among 16 major currencies tracked by Bloomberg.

The central bank’s board held the target lending rate today at a record low 3 percent, saying in a statement that economic risks have deepened since its October decision amid weaker global momentum. The slump in the currency may spur inflation, policy makers said.  Read more. 

Mexico says will scrap limits on business dollar cash deposits

Reuters: Mexican President Enrique Pena Nieto said on Friday he would scrap limits on companies making dollar deposits in cash that were imposed by the previous government.

"Now companies will not have restrictions in their banks to deposit dollars in cash, or carry out currency exchanges," Pena Nieto said during a speech in the northern border city of Reynosa.  Read more.