Mexico’s peso rebounded following a deal to avert new U.S. tariffs on the Latin American country, while a retreat from haven assets weighed on the Japanese yen and the Swiss franc.
The Mexican peso rose as much as 2.5% to 19.1381 per dollar after U.S. President Donald Trump said late Friday that plans for a 5% tariff on Mexican goods had been “indefinitely suspended.” The yen weakened as much as 0.5% to 108.72 per dollar and U.S. stocks advanced, with the S&P 500 Index climbing 0.9% as of 11:38 a.m. in New York.
