Mexico Peso Traders Get Over Trump and Get Back to Commodities

The Mexican peso’s historic correlation with commodity prices is being revived as traders move past their fear of Donald Trump, which sent the currency tumbling to a record this year and inverted its usual ties with raw materials. As concerns fade that Trump will upend trade between Mexico and the U.S. anytime soon, investors are back to focusing on how the peso’s value should stack up against assets such as oil and copper. The effect was on display this week, when a drop in industrial metals set the peso down 1.1 percent.

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