MXN Gets Central Bank Intervention Boost

January 5, 2017 Share Print 0

The Mexican peso briefly spiked more than 1 percent against the U.S. dollar on Thursday after Mexico’s central bank took steps to buttress its slumping currency.

Juan Garcia, director of national operations for the bank, told Reuters it began selling dollars, but did not specify how many dollars the bank was selling. The peso hit an all-time low versus the dollar on Wednesday, amid uncertainty over President-elect Donald Trump’s trade policies.

Mexico’s currency has taken a beating since Trump shocked the world by winning the U.S. presidential election. Trump called for an overhaul of the North American Free Trade Agreement and has repeatedly said he will construct a wall along the U.S.-Mexico border. Since Nov. 8, the peso has shed more than 16 percent against the dollar.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.