Mexican peso takes sharp fall amid US diplomatic row

By Nancy Caouette

MEXICO CITY (AA) – The peso fell more than 3 percent to 23.73 Thursday after President Enrique Peña Nieto canceled a meeting scheduled for next week with his U.S. counterpart, Donald Trump.

The meeting was called off after Trump signed an order to build a border wall on the U.S.’s southern bored with Mexico and then insisted Mexico pay for its construction.

Pena Nieto was under domestic pressure to cancel the meeting slated for Jan. 31 as Mexicans have taken umbrage with a lot Trump’s promised policies for America’s southern neighbor.

Trump’s has promised to renegotiate the North American Free Trade Agreement, commonly known as NAFTA, build the wall and potentially deport as much as 11 million undocumented immigrants living in the US – all of which have weakened the peso in recent months.

The peso served as a barometer during the U.S. presidential election -- falling when polls indicated Trump was rising and inching upward as Hillary Clinton gained support.

The Mexican currency hit a historic low of 22.03 Jan. 11 during Trump’s first press conference since he was elected president and before he took office.