Today the Mexican central bank intervened in the forex markets to prop up the peso, but the action has largely failed.

US Dollar / Mexico Peso 15 Minute Chart

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US Dollar / Mexico Peso Monthly Chart

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Don’t Blame Trump

The election of Donald Trump and his anti-NAFTA message hasn’t helped Mexico, but the peso has been in a long slide for years.

Mexico oil export revenues plunged with falling oil prices. Mexico is heavily dependent on oil tax revenue.

Mike “Mish” Shedlock