Mexican peso dives almost 10pc as Trump surges

November 9, 2016
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Mexican peso has become a proxy for Donald Trump's chances of taking the White House
Mexican peso has become a proxy for Donald Trump’s chances of taking the White House

, TOKYO, Japan Nov 9 – The Mexican peso went into a steep plunge on Wednesday as results in the US presidential election pointed to Donald Trump making a strong showing against Hillary Clinton.

The currency, which has become a proxy for the property mogul’s chances of taking the White House, hit as low as 19.8619 to the US dollar, down almost 10 percent from its high earlier in the session.

The safe-haven Japanese yen was surging, up to 103.14 yen against the greenback from above 105 yen seen earlier in the day.

Financial markets have favoured Democrat Clinton over Trump, whose wild policy pronouncements have sown uncertainty.

Analysts say Mexico’s economy could suffer under a Trump presidency because of his vow to renegotiate a free-trade deal, block migrants’ remittances to their homeland and make the Mexican government pay billions for a massive border wall.

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