Home / News / Mexican currency drops nearly 1 percent after Trump news

Mexican currency drops nearly 1 percent after Trump news


Ford announced on Tuesday he has canceedl its plans to build a new plant in Mexico and will instead invest $700 million in Michigan — creating 700 new jobs here in the United States. The Mexican currency slumped nearly 1 percent following the news. For the Mexican government it’s a “much-needed wake-up call,” said one Mexico analyst.

From Fox News:

Ford Motor Company’s cancellation of plans to build a $1.6 billion auto manufacturing plant in San Luis Potosi has sounded alarms throughout Mexico.

Even as the country is being rocked by rowdy nationwide protests against a Jan. 1 gasoline price hike, the Ford news led the front pages of Mexico’s most influential newspapers on Wednesday, and they tied the development directly to President-elect Donald Trump.

“Trump leaves Mexico without 3,600 jobs,” read the headline on El Universal. “Ford’s braking jolts the peso,” said Reforma, referring to the Mexican currency’s nearly 1 percent slump following the news.

Read more: (Link: www.foxnews.com)

About MorningStar

Check Also


Michelle Obama spotted in Washington DC for the first time since leaving Trump’s inauguration! Look at what she’s doing!

Michelle Obama was been spotted leaving SoulCycle in Washing DC today Dailymail reports: Michelle Obama …