USDMXN daily
The Mexican peso is showing far more patience with Trump's election the second time around. Perhaps that's because Trump's rhetoric the first time didn't result in any big changes, or perhaps it's because Mexico has already pledged to work on the border and drugs. There is certainly a future where Mexico retains privileged access to the US while Trump fights tariff wars elsewhere.
In any case, S&P had this to say today:
- Affirms BBB foreign currency bonds and BBB+ for long-currency bonds, stable outlook
- Says Mexico is likely to be pragmatic in negotiations with US
- Stable outlook reflects expectations of prudent monetary policy and a return to low fiscal deficits