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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