The Mexican peso rallied on Friday to its strongest level since the day following the U.S. presidential election after U.S. Secretary of Commerce Wilbur Ross said that a sensible trade deal with Mexico will help its battered currency.
The peso strengthened more than 2.3 percent to 19.5200 per dollar, its best showing since Nov. 9 after Donald Trump’s surprise election win. Trump has threatened to pull the United States out of the North American Free Trade Agreement (NAFTA) with Mexico and Canada and slap a hefty tax on imports to the United States from Mexico to pay for a border wall.
Speaking on CNBC, Ross also said NAFTA fears had pummeled the peso, which weakened nearly 17 percent after the U.S. election to a historic low on Jan. 11.
Mexico’s central bank, which has hiked interest rates by 325 basis points since last year, recently announced plans to offer up to $20 billion USD in currency hedges to shore up the peso. The first auction of up to $1 billion is slated for March 6.
Source: nasdaq.com via Reuters
more recommended stories
Yucatán, not initially included in the Maya Train project is now a key role player
During the second meeting of the.
Mérida is ready for “La Feria del Pib” on Sunday October 28
The time of one of the.
“Michael” caused another massive arrival of sargassum to the coasts of Quintana Roo
Hurricane “Michael” generated rains, strong winds.
Quintana Roo’s Yum Balam Reserve bans plastic
The Official Gazette of the Federation.
SEDECULTA’s museums and theaters will be part of La Noche Blanca in its tenth edition
The tenth edition of La Noche.
Yucatán is ready for “Festival de las Ánimas”
The government of Yucatan announced that.
Mexico has 10 new Magic Towns
The following locations are added to.
Canada to become the largest country in the world to fully legalize recreational marijuana
This week, Canada becomes the second.
Akumal Arts Festival & Residency: a front of women artists will ‘paint up the town’
The Akumal Arts Festival & Residency.
What To Do If You Get Sick or Hurt in Mexico
Have you ever wondered what you.