Dollar Advances Against Mexican Peso, Canadian Dollar On Reports U.S. May Withdraw From Nafta

The dollar advanced against its two North American rivals on Wednesday following a Politico report that the Trump administration is weighing an executive order to withdraw from the North American Free Trade Agreement. If the U.S. follows through, heavy industries in both Canada and Mexico would likely suffer, possibly weighing on economic growth. The dollar rose 1.7% to trade at 19.18 pesos, its strongest level in six weeks. By comparison, it traded at 18.87 pesos late Tuesday in New York. The greenback also climbed against the Canadian dollar, though that move was somewhat more muted; one dollar bought C$1.3607 in recent trade, up 0.2% from C$1.3571 late Tuesday.