Mexico's Currency Rises to Highest Level in 5 Months

Mexico's currency rose to its highest level in 5 months against its US counterpart during trading on Tuesday, with positive developments on the new North American Free Trade Agreement (NAFTA).

Mexico's local currency benefited from Mexico's signing a new trade agreement with the United States and Canada last week.

This new agreement would replace the North American Free Trade Agreement known as the NAFTA, which US President Donald Trump demanded to renegotiate earlier on being unfair.

The negotiations between the three countries lasted for several months before eventually culminating in the signing recently, amid Mexican concerns about the provision of work included in the draft law that was revealed by the Democrats.

[caption id="attachment_97851" align="aligncenter" width="1086"] The New NAFTA signing ceremony between the three presidents last fall[/caption]

However, this new trade agreement, known as the United States–Mexico–Canada "USMCA", is still under discussion and voting by the US House of Representatives this week, to be considered by the Senate at a later time.

By the end of today's trading, the Mexican peso rose against the US dollar, a marginal 0.09 percent, to drop the green paper to 18.9154 pesos.

The currency of Mexico recorded 18.9126 pesos per dollar earlier in trading, the highest level since last July.