The peso signals Mexico isn’t looking forward to four more years of Trump | Forexlive

One of the clearest Trump trades is selling the Mexican peso and it’s a runaway move today, similar (though at a much smaller magnitude) to what happened in 2016 when Trump beat Clinton.

That night, USD/MXN rose to 19.8 from 18.3. It continued the following day at 20.4.

Today it’s up about 0.5 points, to 20.7 from 20.2.

The direction of the move clearly highlights which way the market thinks this election will go. But the smaller magnitude of the move shows that it’s less of a surprise than last time. Trump has promised big tariffs and another renegotiation of the USMCA.