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
Trump’s ‘Tent Cities’: where unaccompanied minors are kept in South Texas
According to Esquire: Beyond the moral and.
“Mayas y Piratas” Festival in Chetumal
The Bay of Chetumal will host.
The current ESAY premises will be turned into the new University of the Arts
“The transformation of the Higher School.
Growth in tourism is expected in Valladolid during the summer holiday season
After carrying out various promotional activities,.
TIME Magazine Powerful Cover: Welcome to America
It is of public knowledge, Donald.
More employment opportunities in Yucatán
Yucatan registered a favorable 18% trend.
PROFEPA seizes wild animals in Motul, Yucatán
During an inspection visit in response.
In press release, CONAGUA discards versions of “water privatization” in Mexico
The ten Water Reserve Decrees published.
Campeche shows the highest growth in FDI at national level
Campeche was the entity that grew.
FIFA opened investigation against Mexico for “homophobic” behavior during World Cup
FIFA decided to open a disciplinary.