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LatinNews Daily - 21 January 2021

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In brief: Mexican peso rises to 10-month high

* The Mexican peso has appreciated against the US dollar, trading at M$19.60/US$1 on 20 January, down from M$19.67/US$1 the previous day. This is the highest value of the peso since March 2020, when the peso started depreciating in line with other emerging market currencies, as the coronavirus (Covid-19) pandemic took hold in the Americas. While some link the appreciation of the peso to the inauguration of Joe Biden as the new US president on 20 January, in his daily press conference Mexico’s President Andrés Manuel López Obrador hailed the US-Mexico-Canada Agreement (USMCA) on regional trade as the driving force, saying “recently, the peso has been appreciating more than it has in a long time, and this is because of the [agreement]”.