Politics

Hillary’s Pneumonia Just Sent The Mexican Peso Tumbling

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JP Carroll National Security & Foreign Affairs Reporter
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The Mexican Peso hit a two-and-a-half month low in the wake of former Secretary of State Hillary Clinton’s pneumonia diagnosis.

Clinton’s decision to cancel a two-day trip to California raised eyebrows and then panic in Mexican markets, leading to the currency’s decline. The Mexican Peso is down 10 percent in 2016 alone. This precipitous fall in value is only the latest example of the weak currency having a strong reaction to 2016 U.S. election politics, typically losing strength as GOP nominee Donald Trump’s chances of victory increase.

At the moment, the only top-flight currency doing worse in 2016 is the British Pound (Sterling) as a result of Brexit. “There’s not a lot of appetite to go long the peso given the risk for a Trump victory,” says Juan Carlos Alderte, head of currency strategy for Mexico’s largest publicly-traded bank, Grupo Financiero Banorte SAB, in an interview with Bloomberg. “Among the different risk factors that affect all markets, this is one that could have greater consequences specifically for Mexico,” Alderte continued.

Clinton left a Sept. 11 memorial ceremony early Sunday after reportedly feeling unwell, subsequently being diagnosed with pneumonia Friday. Trump wished his rival the best on Fox & Friends Monday morning, saying, “I just hope she gets well and gets back on the trail and we’ll be seeing her at the debate.”

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