Mexico’s peso rose for a fourth day as companies in the U.S., the nation’s largest trading partner, reported better-than-expected earnings. The peso rose 0.4 percent to 12.6091 per dollar at 10:46 a.m. New York time, from 12.6625 yesterday. The currency has gained 3.8 percent this year against the dollar, the second-best performer among the 16 major currencies tracked by Bloomberg, behind Japan’s yen. “There is a better tone in the market,” said Jorge Perez- Duarte, a managing director for emerging markets at TD Securities Inc. in Toronto. “There was a lot of fear last week because of a U.S. slowdown. This week we are seeing some earnings coming out positive.” The Standard & Poor’s 500 Index rose 0.9 percent. The U.S. purchases about 80 percent of Mexico’s exports. Industrial production in the U.S. gained more than forecast last month, reducing concern that the economic recovery is slowing. Production at factories, mines and utilities grew 1 percent, twice the median forecast in a Bloomberg survey, the Federal Reserve said today. The yield on Mexico’s 10 percent bond due in 2024 fell two basis points, or 0.02 percentage point, to 6.59 percent, according to Banco Santander SA, the lowest level since the security was issued in 2005. The price rose 0.24 centavo to 131.52 centavos per peso. To contact the reporter on this story: Andres R. Martinez in Mexico City at amartinez28@bloomberg.net

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