Mexican Peso Rallies As Trump Unveils Border Security Plans

The dollar weakened against the Mexican peso on Wednesday after President Donald Trump introduced his plans for tightening security along the U.S.'s southern border. The dollar fell 1.6% to 21.14 pesos, compared with 21.51 pesos late Tuesday in New York. Trump signed two executive orders pertaining to immigration: one authorizing his promised border wall and another providing more resources to immigration authorities inside the U.S. In his remarks, Trump emphasized that a strong Mexican economy is good for the U.S., and that he would maintain a productive relationship with the U.S.'s southern neighbor. The Mexican currency is on track for its largest daily gain against the dollar since Nov. 15.