With the US Presidential campaigns in full effect, financial turmoil is becoming even more volatile worldwide. In a rather surprising turn of events, the Mexican peso is appreciating in value, even though Donald Trump wants to cut off all remittances to the country.
It is always positive to see national currencies bounce back after reflecting economic hardship. For the Mexican peso, the past few years have been rough. However, things are looking up once again, as the value of this currency has been increasing over the past few days.
The increase comes as a surprise, considering the country is dealing with a financial crisis. At the same time, presidential hopeful Donald Trump mentioned how he would “build a wall around Mexico” to prevent money from flowing between Mexico and the US. For remittance service providers, this is anything but good news, even though Trump is far from becoming President of the US right now.
Speaking of Donald Trump, his recent comments towards women have made him far less popular than ever before. Although one could argue that no one in his right mind would ever support him to begin with, he remains his own worst enemy. The second debate, which took place on October 9th, did nothing to improve his odds.
This has caused the Mexican peso to gain 1.6% in value overnight. The Canadian Dollar is following the same path, as a possible Trump presidency would be a major blow to the local economy. Now that his chances of winning are dwindling rapidly, the Canadian Dollar is appreciating in value against the US Dollar once again.
All of this goes to show that the financial sector relies on political movements more than anything. Everyone has his agenda, yet the President of the United States has a lot more sway than your average senator. The best outcome for the global economy would be for Trump not to become President, but the other option is not necessarily better.
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