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Peso Surges, Dollar Tumbles After Wilbur Ross Comments

Friday, March 3, 2017 7:27
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(Before It's News)

The Mexican Peso surged back below 20/$ this morning after new Commerce Secretary Wilbur Ross comments on the potential for peso recovery in a “sensible” NAFTA deal. Along with comments on Germany and Euro weakness, Ross also sent the USD index markedly lower (after 5 straight days higher).

Ross said…

“The peso has fallen a lot mainly because of the fear of what will happen with Nafta. I believe that if we and the Mexicans make a very sensible trade agreement, the Mexican peso will recover quite a lot,”

And the peso ripped…

Ross also mentioned Germany's trade advantages due to a weak Euro which extended Euro strength…

and pushed the dollar index lower…

Notably the border adjustment tax remains an open question; Ross notes that there is a need to do something to balance budget, reconciliation may be only way to get things through Congress.



Source: http://silveristhenew.com/2017/03/03/peso-surges-dollar-tumbles-after-wilbur-ross-comments/

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