Peso Rallies To Session Highs After Trump Comments

By Ryan VlastelicaMarketsMarketWatch Pulse

The Mexican peso jumped in afternoon trading on Friday, climbing to its highs of the session after President Donald Trump said he had spoken with Mexican President Enrique Pe�a Nieto and that they would work on a new and "fair" relationship. Trump added that the U.S. would "renegotiate our trade deals, and renegotiate other aspects of our relationship" with Mexico. The comments come a day after Nieto canceled a planned visit with Trump, who has been increasing pressure on Mexico to pay for a wall he want built on the border between the two countries -- one of the real estate mogul's key campaign promises. The peso rose 1.6% against the dollar, trading at 20.87 from 21.22 late Thursday. Despite the rise on the day, the peso is down by about 11% over the past three months, with much of the weakness stemming from Trump's election.

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