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Mexican peso recovers as ruling party election win projected

Mexico’s peso rebounded on Monday as officials projected a win for the country’s ruling party in a key gubernatorial election.

The peso dropped 0.8 per cent as investors awaited the outcome of an election for the governor of the state of Mexico, before reversing for a gain of 0.5 per cent, to 18.5896 per dollar as officials projected a narrow win for the ruling Institutional Revolutionary Party.

The dollar index, which tracks the greenback against a basket of peers, was up 0.1 per cent at 96.78.

The UK pound weakened 0.2 per cent to $1.2863 in the wake of terror attacks in London at the weekend that left seven dead and 48 injured.

Among Asian currencies, the Japanese yen lost 0.2 per cent to ¥110.57 per dollar while the Australian dollar edged up 0.1 per cent against its US counterpart, to $0.7445.

The South Korean won gained 0.1 per cent against the greenback to Won1,118.70 after the cabinet of President Moon Jae-in approved a $10bn extra budget to create more jobs, in line with Mr Moon’s campaign pledge to prioritise employment.