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The Mexican peso tumbled to the lowest level since its re-denomination in 1993 amid concern over U.S. trade policy. MXN had eased notably against USD, but the currency climbed as much as 1.5 percent after Banxico confirmed that it was selling dollars to bolster the exchange rate from a record low.
Appointment of important posts for the US Department of Commerce which underpin the protectionist approach of the future US President weighed heavily on sentiment. Further, the decision of US car manufacturer Ford Motor Co. not to set up a factory in Mexico saw a 3.5 percent dip in MXN in two days.
On Thursday, the central bank finally intervened and tried to support MXN with the help of USD sales. The effect wore off quickly, as the uncertainty about US trade policies is too high. Banxico demonstrated determination to dampen excessive MXN depreciation.
“Two interventions in two days suggest the central bank has become even more nervous,” said Masashi Murata, a Tokyo-based currency strategist at Brown Brothers Harriman & Co.
