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Peso Surges, Dollar Tumbles After Wilbur Ross Comments
The Mexican Peso surged back below 20/$ this morning after new Commerce Secretary Wilbur Ross comments on the potential for peso recovery in a “sensible” NAFTA deal. Along with comments on Germany and Euro weakness, Ross also sent the USD index markedly lower (after 5 straight days higher).
Ross said…
“The peso has fallen a lot mainly because of the fear of what will happen with Nafta. I believe that if we and the Mexicans make a very sensible trade agreement, the Mexican peso will recover quite a lot,”
And the peso ripped…
Ross also mentioned Germany's trade advantages due to a weak Euro which extended Euro strength…
and pushed the dollar index lower…
Notably the border adjustment tax remains an open question; Ross notes that there is a need to do something to balance budget, reconciliation may be only way to get things through Congress.
Source: http://silveristhenew.com/2017/03/03/peso-surges-dollar-tumbles-after-wilbur-ross-comments/
