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Prospect of a Biden win weakens dollar in Mexico

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A U.S. dollar only gets you 20.80 Mexican pesos.

Mexico’s currency strengthened Thursday to an eight-month high against a weakening dollar as Democratic candidate Joe Biden maintained a narrow lead in the U.S. presidential election.

The peso has been rising for three days because a Biden victory was seen as positive for the currency,
which has suffered from President Trump’s hard-line trade policies, analysts said.

“The U.S. presidential election race is getting closer to calling it for Biden, but a drawn-out election fight with recounts and legal disputes could mean final results won’t happen until early December,” Edward Moya, senior market analyst at OANDA, told Reuters.

In March and April, the dollar was a strong as 25 pesos, but declined at the end of September when it was purchasing around 22 pesos. The dollar was even weaker, equal to around 18.50 pesos, at the beginning of 2020.

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