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The Mexican peso trades its best level since Trump won the election

Published by Business Insider on Fri, 17 Mar 2017


The Mexican peso is ticking upon Friday.The currency is higher by 0.3% at 19.2125 per US dollar as of 7:46 a.m. ET.The peso jumped earlier in the weekafterPresident Donald Trump's trade adviser, Peter Navarro,said in an interview with Bloomberg, "We have a tremendous opportunity, with Mexico inparticular, to use higher rules of origin to develop a mutuallybeneficial regional powerhouse where workers and manufacturerson both sides of the border will benefit enormously.""The North American area can be a tremendous powerhouse inthe global economy under the right set of bilateral tradeagreements," he added.Notably, individual bilateral trade agreements with Mexico and Canadawould be a change fromthecurrent three-nation trade deal, theNorth American Free Trade Agreement (NAFTA).The peso has gained 12.6% since Trump was sworn into office on January 20.As for the rest of the world, here's the scoreboard as of 7:51 a.m. ET:TheUS dollar index is little changed at 100.38 ahead of several data points: industrial production will be released at 9:15 a.m. ET, the University of Michigan consumer confidence is due out at 10 a.m. ETand the Baker Hughes rig count will cross the wires at 1 p.m. ET.Theeuro is down by 0.2% at 1.0741 against the dollar. Later in the day, German Chancellor Angela Merkel will be meeting with President Donald Trump at the White House.TheRussian ruble is down by 0.2% at 57.8855 per dollar, while Brent crude oil, the international benchmark, is up by 0.3% at $51.91 per barrel.TheIndian rupeeis little changed at 65.462 per dollar.SEE ALSO:What 25 major world leaders and dictators looked like when they were youngJoin the conversation about this storyNOW WATCH: 7 mega-billionaires who made a fortune last year
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