Mexico's peso trims early losses against dollar as markets digest Trump's win
LONDON/MEXICO CITY -Mexico's peso touched its weakest level in over two years on Wednesday as Donald Trump emerged victorious in the U.S. presidential election, extending a streak of volatility and weakness for the emerging markets bellwether currency.
But Rodolfo Ramos, head of Mexico research at Brazilian bank Bradesco, said a Trump administration was not an unknown and this was now"an attractive entry point" for investors. Markets are fretting that the United States' southern neighbour could face trade barriers under a Trump presidency. The Wall Street bank said it had put on a short position of the Mexican peso vs the South African rand, expecting the Latin American currency to weaken in that pairing.
Mexico's currency has weakened more than 17% this year, one of top five worst performing emerging market currencies in 2024. Much of that move has happened since Sheinbaum's landslide victory in June.
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