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Peso fell to a 2-month low after the announcement of sanctions

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Peso fell to a 2-month low after the announcement of sanctions
May 31
09:00 2019

After statements by official Washington about imposing duties on Mexican goods, peso fell against the dollar to its lowest value in the last 2 months.

Trump said that from the 10th of June, the tariffs for Mexican exports would be equal to 5%. Such sanctions will be effective until the flow of migrants traveling to the United States runs out.

US President stresses that trade duties will grow up until the problem is completely solved. Thus, from July 1, the tariff will increase to 10%, and will continue to increase by 5% every month. From October this year, the tariff for Mexican goods is planned to increase to 25%.

The American leader added that as soon as the illegal immigrants stopped entering the country, the duties would be immediately canceled.

The national currency of Mexico has fallen by 3%. Now peso is being traded at 19.7 per dollar. In May, its rate fell by 3.3%. This is the largest monthly decline since October 18.

ICE Dollar, index showing the value of the US currency relative to 6 major currencies, has shown a slight decrease – 0.1%.

 

 The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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