Mexican peso rises as US votes

​People vote on election day at Brooklyn Avenue Elementary School in the primarily Latino East LA neighborhood of Boyle Heights on November 8, 2016 in Los Angeles, California.

AFP

Mexico’s peso rose Tuesday as traders appeared to bet on Hillary Clinton winning the US election against Donald Trump, who has vowed to upend economic ties between the neighboring countries.

The peso fell as Americans began going to the polls, but later rose to close at 18.75 per dollar, up 0.53 percent from 18.85 to the dollar on Monday, according to the private bank Banamex.

The Mexican stock market, meanwhile, opened 0.2 percent higher.

The national currency has had a roller-coaster ride during the US presidential campaign, falling when Trump, the Republican candidate, was up in opinion polls and rising when his Democratic rival Clinton fared better.

The peso tumbled to 19.50 per dollar last week when a poll put the real estate billionaire ahead of Clinton.

But the Mexican currency and stock market surged Monday, a day after the FBI confirmed Clinton would not be prosecuted for using a private email server for government communications when she was secretary of state.

Analysts say Mexico’s economy could suffer under a Trump presidency because of his vow to renegotiate a free-trade deal, block migrants’ remittances to their homeland and make the Mexican government pay billions for a massive border wall.

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