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The Mexican Peso declines steeply after Donald Trump says he will stop Mexican-made cars from entering the US.  A critical report by the IMF about Mexico’s economic outlook further weighs. USD/MXN rallies strongly from its bedrock of support at the base of a rising channel.  The Mexican Peso (MXN) manages to hold the line on Wednesday after depreciating an average of 1.5% in its most heavily traded pairs the previous day. The Peso sold off heavily after former US President Donald Trump said he would put tariffs of over “100%, 200% or even 300%” on Mexican cars entering the US to prevent a further erosion of the beleaguered US car industry by foreign competitors. This, along with a critical report about Mexico’s economy from the International Monetary Fund (IMF), contributed to the Peso’s steep sell-off. Mexican Peso rolls off the back of the trailer during Trump interview The Mexican Peso depreciated over 1.60% against the US Dollar (USD) on Tuesday after Donald Trump threatened to whack prohibitory tariffs on Mexican-made autos entering the US market. “Mexico is a tremendous challenge for us,” said Trump in an interview with John Micklethwait, the Editor-in-Chief of Bloomberg News, “China is building massive auto plants in Mexico. And they are going to make those cars and then take those cars and sell them into the border – they are very near the border. And they are going to have all the advantages and none of the disadvantages. And that is going to be the end of Michigan, the end of South Carolina,” the former president said at the Chicago Economic Club.  Trump’s comments had all the more bite because, according to bookmakers he is now more likely to win the presidential election than Harris. According to OddsChecker Trump has an almost 58% probability of…

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Filed under: News - @ October 16, 2024 9:19 am