The Mexican peso trades its best level since Trump won the election

The Mexican peso is ticking up on Friday.

The currency is higher by 0.3% at 19.2125 per US dollar as of 7:46 a.m. ET.

The peso jumped earlier in the week after President Donald Trump’s trade adviser, Peter Navarro, said in an interview with Bloomberg, “We have a tremendous opportunity, with Mexico in particular, to use higher rules of origin to develop a mutually beneficial regional powerhouse where workers and manufacturers on both sides of the border will benefit enormously.”

“The North American area can be a tremendous powerhouse in the global economy under the right set of bilateral trade agreements,” he added.

Notably, individual bilateral trade agreements with Mexico and Canada would be a change from the current three-nation trade deal, the North American Free Trade Agreement (NAFTA).

The peso has gained 12.6% since Trump was sworn into office on January 20.

As for the rest of the world, here’s the scoreboard as of 7:51 a.m. ET:

  • The US dollar index is little changed at 100.38 ahead of several data points: industrial production will be released at 9:15 a.m. ET, the University of Michigan consumer confidence is due out at 10 a.m. ET and the Baker Hughes rig count will cross the wires at 1 p.m. ET.
  • The euro is down by 0.2% at 1.0741 against the dollar. Later in the day, German Chancellor Angela Merkel will be meeting with President Donald Trump at the White House.
  • The Russian ruble is down by 0.2% at 57.8855 per dollar, while Brent crude oil, the international benchmark, is up by 0.3% at $US51.91 per barrel.
  • The Indian rupee is little changed at 65.462 per dollar.

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