Forex - Dollar Slumps, Peso Surges After U.S., Mexico Trade Deal By Investing.com

Forex - Dollar Slumps, Peso Surges After U.S., Mexico Trade Deal

ForexAug 27, 2018 11:28AM ET

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Forex - Dollar Slumps, Peso Surges After U.S., Mexico Trade Deal

Investing.com - The U.S. dollar was lower against other currencies on Monday while the Mexican peso was higher after the U.S. and Mexico agreed to a trade deal.

The neighboring countries came up with a new agreement in the rengogation of the North American Trade Agreement (NAFTA).

“We will call it the United States-Mexico Trade Agreement,” U.S. President Donald Trump suggested. Discussions with Canada have yet to begin.

All three governments were aiming to make a trade agreement before the end of August.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, remained under pressure after the news, falling 0.38% to 94.72 as of 11:26 AM ET (15:26 GMT).

The Mexican peso surged against the dollar, with USD/MXN slipping 1.45% to 18.6523.

The dollar was lower against the safe-haven yen, with USD/JPY decreasing 0.19% to 111.05. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.

The lower greenback pushed the euro higher, with EUR/USD rising 0.45% to 1.1675. Sterling also gained ground with GBP/USD up 0.29% to 1.2885.

The Turkish lira fell against the greenback, with USD/TRY rising 2.07% to 6.1013. The lira has been under pressure over the last few weeks as the U.S. and Turkey disagree over a detained American pastor.

Meanwhile, the Australian dollar was up, with AUD/USD rising 0.26% to 0.7344 while NZD/USD was up 0.07% to 0.6693. The loonie was higher against the greenback, with USD/CAD falling 0.35% to 1.2982.

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