"The peso is the number one target and it’s in the eye of the storm, not justbecause of trade,” said Phoenix Kalen, a strategist in London at Societe Generale SA, which sees the currency depreciating to 23 per dollar. “There are also questions around deportation of millions of Hispanic immigrants from the U.S., the repatriation of tax receipts. All of those channels affect the Mexican peso.”
Commodities
Gold pulled back from its biggest jump since Britain’s Brexit vote as turmoil across financial markets eased. Bullion for immediate delivery gained 1.9 percent to $1,300.24 an ounce by 1:18 p.m. in London, according to Bloomberg generic pricing. It earlier surged as much as 4.8 percent.
About 570,000 futures changed hands by 8:06 a.m. in New York, based on data using the most-active Comex contract. That’s triple the full-day average this year and U.S. trading is just getting underway.
Copper for three-month delivery touched a 15-month high before trading up 2.9 percent at $5,355 a metric ton, leading gainers as of 11:41 a.m. on the London Metal Exchange. Mining stocks benefited. Antofagasta Plc jumped 4.2 percent and Glencore Plc 2.8 percent.
West Texas Intermediate for December delivery fell 12 cents to $44.86 a barrel at 9:07 a.m. on the New York Mercantile Exchange, after dropping as much as $1.91 to $43.07. Brent for January settlement slipped 2 cents to $46.02 a barrel on the London-based ICE Futures Europe exchange.
This article was provided by Bloomberg News.