Mexico's peso pared losses on Friday and stocks edged up after a survey of US consumer confidence rose to a nine-month high in June. The peso traded down 0.31 percent at 13.396 per US dollar, but marginally stronger than levels seen earlier above 13.43. The dollar gained broadly against major currencies after a sell-off this week.
The IPC stock index gained 0.09 percent to 25,396 after falling as much as 0.8 percent in opening trade. If stocks can maintain positive momentum it would mark the IPC's seventh straight session of gains. Shares in Comercial Mexicana gained 3.01 percent to 7.52 pesos after the supermarket chain said late Thursday it had struck a deal with most key creditors to reduce the total amount of debt it must repay.
Inbursa, the bank controlled by Mexican billionaire Carlos Slim, rose 2.43 percent to 39.97 pesos. The Reuters/University of Michigan Surveys of Consumers said its preliminary index of US consumer confidence for early June rose to 69.0 from May's final reading of 68.7. The US downturn has dragged Mexico into a deep recession, and hopes for a recovery in its economy depend on a rebound of consumer demand in the United States, its top trading partner.
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