Trump's victory sends Mexican peso plummeting
Watching the votes being tallied and accounted for on Election Day was a stressful process for all.
But for the Mexican government, it was particularly stressful as the value of the country's currency (peso) hit a shocking record low by plummeting nearly 11 percent.
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Jose Antonio Meade, Mexico's finance minister, insisted in a press conference on Wednesday:
"Mexico is in a position of strength."
The peso rose around two percent in value Wednesday morning.
Though markets all over the globe began to drop as a result of Trump's victory, "The Mexican peso has been hit hardest, it's been the biggest casualty," says chief emerging market economist at Capital Economics Neil Shearing.
CNN Money attributes this major drop off to Trump's attacks on the country throughout his campaign:
"Trump has proposed slapping tariffs on goods made in Mexico, ending the free trade agreement NAFTA, taxing cash remittances from America to Mexico, and building a wall along the border, which he says Mexico would pay for."
Yikes.
Economists are watching closely in anticipation of inauguration day with an eye on global markets to see how currency valuations will continue to dip and raise.
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