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LatinNews Regional Monitor: Mexico - 30 October 2018

In brief: Mexico

* The Mexican peso closed the day trading at M$20.35/US$1 in local currency markets on 29 October compared to the M$19.70/US$1 exchange rate registered the previous day. This marks the sharpest devaluation of the peso since 9 November 2016 following the election of Donald Trump as US president. The sudden currency movement has been largely attributed to Mexico’s President-elect Andrés Manuel López Obrador’s announcement that his incoming administration will abandon the US$13.3bn project to build an entirely new international airport to service Mexico City (NAIM) that had been launched by the outgoing administration led by President Enrique Peña Nieto. López Obrador’s announcement has been interpreted as sending a negative message about his administration’s commitment to promoting Mexico’s future economic development and its economic policies in general.

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