The Mexican peso is climbing

The Mexican peso is climbing early on Monday.

The currency is up by 1.1% at 21.3552 per dollar as of 8:44 a.m. ET.

“The US dollar appears to have put in a double top against the Mexican peso near MXN22.00. The neckline is around MXN21.50; giving a minimum measuring objective of MXN21.00,” Marc Chandler, global head of currency strategy, wrote.

“The MXN21.10 area also is where the 50% retracement of the dollar’s rally since around the mid-December FOMC meeting.”

Separately, President Donald Trump is expected to sign an executive order as early as Monday to renegotiate the North American Free Trade Agreement (NAFTA) with Canada and Mexico, NBC News’ Kristen Welker reports, citing a White House official.

Trump made the debate over free trade one of the central topics of his campaign. He argued in favour of ripping up trade deals, said NAFTA was “the worst trade deal in the history of the country.”

Additionally, last Wednesday, Wilbur Ross, the nominee for commerce secretary, said at his confirmation hearing that NAFTA would be an early priority for his department. He said he was “pro-trade,” but only as long as it is “sensible trade.”

As for the rest of the world, here’s the scoreboard as of 8:48 a.m. ET:

  • The Russian ruble is up by 0.4% at 59.5103 per dollar, while Brent crude oil is down by 1.0% at $54.86 per barrel. Separately, industrial production rose by 3.2% year-over-year in Russia, above expectations of 1.5%, and above the prior month’s 2.7%.
  • The British pound at 0.7% 1.2460 against the dollar. Separately, Britain’s stock market has seen quite the reversal. The FTSE started 2017 with a record-breaking 14-day winning streak, 12 of which produced record-high closes, but the recent strength of the pound has pushed it into negative territory for the year.
  • The euro is up by 0.3% at 1.0732 against the dollar.
  • The Japanese yen is up by 1.1% at 113.40 per dollar
  • The US dollar index is down by 0.4% at 100.35 ahead of a quiet data day.

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