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Mexican peso hits strongest level against dollar since wake of election

The Mexican peso on Wednesday rallied to its strongest level against the buck since the US election, in the latest sign that investor sentiment on the country is brightening.

Mexico’s currency was recently up nearly 1 per cent on the greenback to MXN18.4482, a level not seen since November 9, according to Bloomberg data.

The peso has made a stunning rebound since weakening to MXN22.0385 in mid-January. The change in fortune has come as US President Donald Trump has found himself mired in controversies that lowered the odds that the administration will be able to push through many of the toughest proposals floated during the election.

Meanwhile, first-quarter economic growth in the Latin American country topped expectations.