(Photo: El Universal)
Donald Trump’s threats to dump the North American Free Trade Agreement (NAFTA) agreement with Mexico and Canada, and to tax money sent home by migrants to pay for the controversial wall on the southern border, have made the peso particularly vulnerable to events in the U.S. presidential race.
As Trump strode toward victory, the peso plunged 13 percent in its biggest fall since the Tequila Crisis devaluation 22 years ago, before paring losses to trade down 8.7 percent at 19.91 per dollar. Still, officials held back from taking action to support the peso despite it hitting lifetime lows overnight.
Still, President Enrique Peña Nieto said he called to congratulate Trump, and had agreed to meet the New Yorker during the transition phase to discuss joint cooperation, which he hopes would strengthen the competitiveness of North America.
Welcoming Trump’s victory speech pledge to seek “common ground” and partnership with other countries, Peña Nieto said in a televised statement that Mexico shared the same vision.
“Dialogue to make agreements is still the best route for Mexico, and my government will seek opportunities that benefit both nations in this new phase of bilateral relations,” he said.
Gabriel Casillas, an economist at Banorte, predicted Trump’s victory will shave 0.3 percentage point from 2016 economic growth, and said the peso could suffer for months as the market tries to figure out what Trump could do in office.
Click here for full article on Reuters
Source: http://www.reuters.com/
Comments
more recommended stories
Trump told Shinzo: “I can hand you over ’25 million Mexicans’ to give you a taste of the migration problem”President Donald Trump reportedly made some.
Mérida breaks ground for the new “Litoteca Nacional de Yucatán”MÉRIDA, Yuc.- The inauguration ceremony of.
New Companions And Fun Time In Video ChatIf you are willing to find.
The Hermitage of San Dieguito in TekaxBuilt 373 years ago, according to.
Mobile App Development: Step-by-Step GuideWhat does it take to bring.
Profepa closed down four properties for affecting the ecosystemThe Federal Office of Environmental Protection.
InDriver, ready to rumble in Mérida!inDriver, an online transportation service, is.
-
Canada, US & Mexico joint bid will host World Cup 2026
The United States, Mexico and Canada.
The Washington Post says that Mexican presidential candidates squared off in debateAccording to the Washington Post, Mexico’s.
Red Carpet style entrance to Gran Museo del Mundo Maya for the presidential debateThe eyes of a nation are.
Leave a Comment