The currency rose 0.8 percent to 12.2037 per U.S. dollar at 10:44 a.m. New York time, from 12.3026 on April 2. The currency rose to 12.1833 earlier, the strongest level against the U.S. dollar since Oct. 14, 2008. Oil, the nation's largest export, headed for a second weekly gain.

Eoin Treacy's view The Mexican Peso has been falling against the US Dollar for much of the last 20 years; almost halving between October 2008 and March 2009 alone. The Dollar hit a medium-term peak near MXN15.5 a year ago and has sustained a progression of lower to equal rally highs since. It broke downwards once more in early March and has fallen for 8 of the last 9 weeks. While somewhat overextended in the short-term, an upward dynamic would be required to check momentum beyond a brief pause and a sustained move back above MXN13.25 would be needed to question the 1-year downtrend. Longer-term, a decline below MXN10 is needed to break the Peso's long-term downtrend.

This article from the Financial Times by Carola Hoyos, dated March 29th, covers the extent to which oil production has declined at Mexico's largest field since it hit peak production in 2003. From here on out, production will be more expensive and it is questionable whether Mexico will ever produce as much oil again; offering a headwind for the wider economy.

Mexico's oil company does not appear in the stock market index where the three largest companies are America Movil (Telecoms), Wal-Mart (consumer goods) and Grupo Mexico (copper mining); highlighting the domestic consumer and global growth. The Mexbol Index consolidated in the region of the previous high from January and broke upwards to new high ground in late March. A sustained move below 30,000 would be required to question medium-term upside potential.

This article covering the war on drugs by George Freidman from Stratfor may also be of interest and this article by Matthew Bristow for the Wall Street Journal on the Colombian Drug trade is also well worth a look.

The US Dollar topped out against the Colombian Peso in 2003 and while it rallied impressively in 2008, the progression of equal to lower major rally highs remains intact. A sustained move back above COP2200 would be required to question medium-term potential for continued Peso strength.

Colombia's stock market index broke upwards to new all time highs in December and continues to improve on that performance. A break of the medium-term progression of higher reaction lows would be required to question the consistency of the overall uptrend.