Mexico's peso stung by bets on U.S. rates

Mexico's currency fell to a record against the dollar Monday, illustrating the downside of popular emerging-market trades at a time of anxiety about higher interest rates in the U.S.

Touted for years by Wall Street strategists and bond investor Bill Gross, the peso has failed to deliver even though Mexico stands to benefit from a strengthening U.S. economy.

The reason: The peso is relatively easy to trade. That has lured investors to the peso in the past, but now it has become a double-edged sword as money managers seek ways to bet against other emerging-market currencies such as the Russian ruble.

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