Mexican Peso Sinks to 2-1/2-Year Low

2024-11-06 10:09 By Andre Joaquim 1 min. read

The Mexican peso sank past 20.7 per USD in November, the lowest in over two-and-a-half years, amid dollar strength after the US elections magnified the impact that campaigned tariffs may have on the Mexican economy.

Republican nominee Donald Trump won the US presidential race, triggering strength in the dollar as pro-inflationary risks to his policies raise the outlook of a hawkish Federal Reserve and dampen demand for riskier currencies.

The possibility of aggressive tariffs that have been campaigned by the President-elect places further pressure on the peso as it reduces demand for Mexico’s key exporting market, limiting foreign exchange inflows.

Domestically, a ruling by the Mexican Supreme Court on a controversial reform to elect judges also dampened confidence in the local currency.



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