The Mexican peso is soaring after Trump's inauguration

The Mexican peso is higher by 1.7% at 21.5787 per dollar following the inauguration of President Donald Trump.

The currency became something of a gauge of Trump’s prospects during the months leading up to the election as he railed against Mexico for taking American jobs and killing the US on trade.

When traders thought Trump’s prospects of winning went up, the peso often went down against the US dollar – and vice versa.

The peso is down about 18% against the US dollar since the election and trades near its all-time low of 22.0385.

NOW WATCH: Here’s how to use one of the many apps to buy and trade bitcoin

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.