Dollar gains after Trump vows tariffs against Mexico and Canada
The dollar rose over 2% against the Mexican peso and 1% against its Canadian counterpart.
The dollar has been on the back foot in the past few days as U.S. Treasury markets cheered Trump's pick of hedge fund manager Scott Bessent for U.S. Treasury secretary.
«It's almost as if Trump wants to remind markets who is in control, after nominating Scott Bessent as Treasury Sec — a man markets expected to cool Trump's potency,» said Matt Simpson, senior market analyst at City Index.
«But with the Canadian dollar rising against the Mexican Peso, markets are assuming this will hit Mexico the hardest.»
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