The Mexican peso is getting slammed amid political uncertainty

  • The Mexican peso was down nearly 1.50% on Thursday afternoon.
  • The dive came after a poll showed strong support for presidential candidate and staunch leftist Andres Manuel Lopez Obrador.
  • Obrador has a 22 point lead in the July presidential race, according to a poll.

The Mexican peso dove Thursday amid ongoing political uncertainty and as North American trade partners met to negotiate a new NAFTA deal.

The peso was down 1.42% versus the dollar at 12:41 p.m. ET, erasing previous gains. It had been strengthening against the greenback on Wednesday.

The fall comes after news of strong support for Andres Manuel Lopez Obrador, who on the ballot in Mexico’s presidential election in July. A poll released earlier this week showed Obrador, a staunch leftist, with a 22 point lead in the race.

Elsewhere, Mexican officials are in the midst of NAFTA negotiations. The country’s foreign minister and economy minister are meeting with President Donald Trump’s son-in-law Jared Kushner and US Trade Representative Robert Lighthizer on Thursday and Friday to push for an early deal.

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