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
US Dollar / Mexico Peso Monthly Chart
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