Mexico's Peso Snubs Trump Talk in Return to Pre-Election Levels
- Peso strenghtens to 18.29, not seen since before Trump win
- Defeat of left-wing candidate in Mexico state fuels rally
Mexican one thousand pesos bills are run through a counting machine inside a currency exchange store in Mexico City, Mexico, on Monday, Feb. 15, 2016.
Photographer: Susana Gonzalez/BloombergMexico’s currency has rallied to levels not seen since before Donald Trump won the U.S. presidency following a divisive campaign where anti-Mexico rhetoric rose to the forefront.
The peso is leading gains this year among the world’s most-traded and emerging-market currencies. First, relief came when White House officials spoke of a "sensible" Nafta renegotiation to benefit both countries. A series of rate hikes by Mexico’s central bank aimed at boosting the currency added to the rally. Then, the ruling PRI party’s victory in local elections last weekend drove a 2.3 percent rise against the dollar this week, hitting 18.29, a level not seen since early November.