Forex - Mexican peso hits day’s lows after Trump tweets
Investing.com
Published Jan 26, 2017 09:35AM ET
Mexican peso hits day’s lows after Trump threatens to cancel talks with Mexico's president
Investing.com - The Mexican peso fell to the day’s lows on Thursday after President Donald Trump threatened on Twitter to cancel talks with Mexican President Enrique Peña Nieto if Mexico is unwilling to pay for a U.S.-Mexican border wall.
Peña Nieto is scheduled to meet with Trump next Tuesday to discuss the terms of the North American Free Trade Agreement and immigration.
USD/MXN rose 0.58% to 21.19, pulling back from three-week lows of 20.86.
“The U.S. has a 60 billion dollar trade deficit with Mexico. It has been a one-sided deal from the beginning of NAFTA with massive numbers of jobs and companies lost,” Trump tweeted.
“If Mexico is unwilling to pay for the badly needed wall, then it would be better to cancel the upcoming meeting.”
The tweets came after Trump on Wednesday signed two executive orders, one authorizing the construction of a wall along the U.S.-Mexican border and the other to significantly boost the U.S. Border Patrol.
Hours later, Peña Nieto said he "regrets and rejects" Trump's orders because "Mexico does not believe in walls."
He also reiterated that Mexico will not pay for any wall and pledged to protect Mexicans in the US.
The peso hit a record low against the dollar earlier this year and is still down around 2.5% against the dollar for 2017.
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Written By: Investing.com
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