The Mexican peso just wiped away its losses

The Mexican peso is recovering some of its earlier losses.

The currency is little changed at 21.7819 per dollar as of 11:45 a.m. ET after earlier being down by about 1.0% at 22.0196 per dollar around 11 a.m. ET.

The peso dropped to a new record low against on Tuesday, and weakened by about 20% against the dollar last year.

The currency became something of a gauge of Trump’s prospects during the last few months leading up to the election. When traders thought Trump’s prospects of winning went up, the peso often went down against the US dollar – and vice versa.

Analysts and economists had attributed the currency’s volatile moves to the fact that Trump’s strong protectionist platform would most likely have negative repercussions for the Mexican economy if implemented.

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