28.03.201405:35:44UTC+00Mexican Peso Surges to Two-Month High

Mexico's peso bolster to a two-month high after a report displaying a surprising exchange surplus in February aided development expectations for Latin America’s second-largest economy.

The peso inched 0.4 percent up to 13.0816 per U.S. dollar today, the best performing level since January 10, according to data gathered by Bloomberg. Benchmark peso bonds due in 2024 boosted for a fifth straight day, skyrocketing 0.46 centavo to 130.12 centavos per peso. Yields dropped five basis points, or 0.05 percentage point, to 6.15 percent.

Mexico logged a preliminary exchange surplus of $976 million in February, compared with a $200 million deficit projected by economists surveyed by Bloomberg. The economy will upgrade 3.25 percent in 2014, compared with a 1.1 percent expansion last year, according to the median forecast in a survey by Bloomberg.

“The trade balance figure is a positive as it signals the possibility that external demand could be a more supportive factor for growth,” Juan Carlos Alderete, a strategist at Grupo Financiero Banorte SAB in Mexico City, said in an e-mailed response to questions.