The Mexican peso extended its gains on Monday. Investors hope talks between the U.S. and Mexico on the North American Free Trade Agreement (NAFTA) reach a positive conclusion.
Since U.S. President Trump's original claims to scrap NAFTA sent the markets into a spin, the Mexican peso has since stabilized with Trump's new, more constructive rhetoric.
Meeting Mexican President Enrique Pena Nieto on Friday at the G20 Summit in Germany, Trump declared progress on trade. The Mexican government expects a general agreement reworking the trade deal near the end of 2017.
As such, the peso firmed 0.7 percent. This is the strongest time for the peso since late June. Coupled with help from a central bank decision to renew $200 million worth of foreign exchange hedging instruments.
Other currencies found support in central bank intervention, notably the Brazilian real.
Read more at Reuters.