Mexico’s peso fell on Tuesday Jan. 3 to touch its weakest level in seven weeks after Ford, the second-largest U.S. automaker, said it will cancel a planned $1.6 billion USD factory in Mexico’s central state of San Luis Potosi.
Reuters reported the peso MXN=D2 weakened 0.93 percent to 20.9315 per dollar, its lowest level since Nov. 14, following the announcement by Ford, which had come under harsh criticism from U.S. President-elect Donald Trump for its Mexican investment plans.
Ford said it will invest $700 million at a Michigan factory.
The Mexican currency hit a record low after Trump clinched U.S. presidential elections in November.
The real estate mogul has threatened to scrap a key free trade deal between the two countries and slap a tax on remittances to Mexico if the country refuses to pay for a wall along its northern border.
Mexico’s IPC stock index .MXX, pared gains of over 1 percent to trade nearly flat at 45,755 points following Ford’s announcement.
more recommended stories
Criminals break into schools in Acapulco, steal and cut victims’ hair
On Tuesday March 20, four men broke.
Infrastructure, the big challenge for the next state administration in Yucatán
“The next state government of Yucatan.
Iowa family found dead in Tulum Hotel
The Creston Police Department told WHO-TV that four.
Undocumented Single Mother Faces Deportation in Four Days: Montrealers Outraged at Failure of Sanctuary City
Montreal, March 23 2018 — Montrealers.
Campeche and Yucatán present at Expo ANTAD 2018
Exhibitors that participated in Expo ANTAD.
Mexican women mobilize against sexist violence
In hat and police suit, with.
Hubikú Ecopark: nature, gastronomy and Maya tradition in one place
Located in the municipality of Temozón,.
US State Department removes restrictions for Playa del Carmen
The US State Department through their.
Canadian WestJet launches new Mexico City direct flights
Canadian carrier WestJet is now offering.
Poll suggests Mexico’s Presidential Race is getting tighter
According to Bloomberg, Mexico’s presidential candidate Andres.