FX & Commodity Update: Mexican Peso, WTI Crude Oil
Mexican Peso
The Mexican peso fell 1%, to a record low for the third day in a row.
The Mexican peso has fallen 32% over the last six months. Mexican peso at the money one month implied volatility is at 29.
WTI Crude
WTI Crude future was up 1.92% to $40.85.
Morgan Stanley issued a report on February 2 predicting the price of West Texas Intermediate crude, the basis for futures traded on the New York Mercantile Exchange, will fall to a low of $25 a barrel in the second quarter.
Crude will then rise to average $55 a barrel in 2010 and $85 a barrel in 2011 says Morgan Stanley.
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