Mexican peso plunges more than 12% to record low vs. dollar on Trump election upset – IOTW Report

Mexican peso plunges more than 12% to record low vs. dollar on Trump election upset

CNBC: The Mexican peso tumbled against the U.S. dollar as Hillary Clinton conceded the presidential election to Donald Trump.

“Shock and awe in the FX markets. We’re having painful flashbacks to Brexit — no one is entirely sure where the bottom is at the moment, so most participants are in a ‘sell first, ask questions later’ mood,” Karl Schamotta, director of FX research and strategy at Cambridge Global Payments, said in an email.

The peso was near 20.18 versus the greenback as of 2:40 a.m., ET, Wednesday morning, after hitting a record low earlier in the session.

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13 Comments on Mexican peso plunges more than 12% to record low vs. dollar on Trump election upset

  1. This means the wall just got at least 10% more expensive for Mexico overnite. Their currency has been falling against the dollar since October 2014, so this isn’t solely because of Trump election.

  2. I’m sorry for the Mexican people, but only they can overthrow the corruption that IS their country.

    Since I do business there, selling against a Mexican competitor, this will have a negative impact on my business. But it’s a small, small price to pay.

  3. Ultimately, the stock market doesn’t give a flip about any party being in charge.

    They just adjust their sails to keep making money. The Dow plunged drastically when O was elected. Sail trimming to catch the new breeze.

    Non-story panic-wise.

  4. I expect the “economy” to dive some for the first and maybe the second qtr next year as the recession finally hits bottom and starts a very robust real recovery. All those financial institutions that paid Hillary big bux for 20 min “speech’ won’t get QE monies from the Fed anymore. They’ll have to earn their profits the old-fashioned way. Work for it.

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