After the data revealed that the US unemployment rate surged to 10.2 percent, mexico’s peso MXN=MEX01 lost 0.28 percent to at 13.3225 per dollar.

According to US data, the unemployment rate rose more than expected to hit 10.2 percent, which is the highest in more than 26 years, while 190,000 workers were sacked by non-farm employers from their payroll in October.

Salvador Moreno, an economist at ING in Mexico City, said,” There is no justification to keep expecting a ‘V’ shaped rebound in the North American Economy,”

Mexico’s only hope to come out of the worst local recession since the 1930s is counting on a rebound in the US consumer demand as its exports depend a lot on it.