utilitus Posted October 29, 2018 Report Share Posted October 29, 2018 The peso (MXN) is currently trading on some exchanges within 1% of 20 to the dollar (USD). Link to comment Share on other sites More sharing options...
Bisbee Gal Posted October 29, 2018 Report Share Posted October 29, 2018 This is why it weakened today.....the new CDMX airport was rejected in a referendum. https://www.reuters.com/article/mexico-airport-peso/mexicos-peso-falls-to-4-month-low-after-vote-to-cancel-new-airport-idUSL2N1X90NB Quote The peso was trading down at 19.6767 to the dollar, down 1.66 percent in early Monday morning trade, recovering some of its earlier losses when it fell over 2 percent to its worst level since July 3. Called a “public consultation,” the vote was nonbinding, but leftist Lopez Obrador, who had called for the referendum and was against the new airport, has pledged to respect the result. Link to comment Share on other sites More sharing options...
utilitus Posted October 29, 2018 Author Report Share Posted October 29, 2018 Right... probably also flows out of MXN and into the Brazilian Real, plus US troops to the border...Markets are such dismal Keynesian 'beauty contests' . Link to comment Share on other sites More sharing options...
tomgates Posted October 29, 2018 Report Share Posted October 29, 2018 From WSJ trading: bid: 19.71, ask 19.74, down from Friday's close of 19.36 Link to comment Share on other sites More sharing options...
utilitus Posted October 30, 2018 Author Report Share Posted October 30, 2018 The peso (MXN) is currently trading on some exchanges at over 20 to the dollar (USD). Link to comment Share on other sites More sharing options...
tomgates Posted October 30, 2018 Report Share Posted October 30, 2018 The problem that is difficult for a proto-Marxist such as Lopez Obrador to understand is that several billions of “dollars” have already been spent on supplies, studies, legal work, land acquisition et al. We’ve heard reports that as much as $10 billion shall be lost but we find that very, very hard to believe if the projected cost was $13 billion. However, as we all know, that $13 billion, by the time the airport would have been finished would have escalated to $20 or $25 or even $30 billions of dollars. Nonetheless, the Peso and the Mexican stock market plunged on this news, with the markets suddenly fearful that Lopez Obrador really is the doctrinaire Leftist we always thought him to be. Currently bid 20.08, ask 20.11 (commentary from Dennis Gartman) Link to comment Share on other sites More sharing options...
HoneyBee Posted October 30, 2018 Report Share Posted October 30, 2018 WE....? Link to comment Share on other sites More sharing options...
Taaffe Posted October 30, 2018 Report Share Posted October 30, 2018 12 minutes ago, HoneyBee said: WE....? Ja ja...We are ready for some good old prot-Marxist helping of the poor. Maybe Brazil would welcome those who liked it under Peña Nieto? Link to comment Share on other sites More sharing options...
More Liana Posted October 31, 2018 Report Share Posted October 31, 2018 Does anyone here actually believe that the $10 billion or whatever the actual amount was was spent entirely on airport construction? If you do, I have a bridge in Brooklyn to sell you. Peña is filling his pockets with every centavo possible before midnight on November 30. He said, "Consulta or no consulta, the work won't stop until I'm out of office." Transition yes, cooperation no. Peña Nieto is the most corrupt president Mexico has ever had, WAY over and above his mentor and puppeteer Carlos Salinas de Gortari. Yes, the NAIM (Texcoco-based airport) was canceled. The project was moved to a Mexican air base in Santa Lucía and will go forward. Proto-Marxist por favor! I am still laughing. I recommend that you who believe he is a proto-Marxist go read Franklin Delano Roosevelt's campaign platforms. Obrador is a Social Democrat and his platform is very similar to the New Deal. I am proud to say that I voted with the nearly 70% who voted to stop the Texcoco airport. Link to comment Share on other sites More sharing options...
tomgates Posted October 31, 2018 Report Share Posted October 31, 2018 Pro Marxist? You have to be an :(). Link to comment Share on other sites More sharing options...
Mainecoons Posted October 31, 2018 Report Share Posted October 31, 2018 This rather reminds me of the Denver airport debacle. How can these things cost so much? 🤑 Hey if AMLO gets rid of daylight savings time he's my guy. How much better would it be to spend all this money on roads, sewers and other infrastructure that helps the economy grow? Since we've lived here the "free" road system has gone steadily downhill, no place more than right here in Jalisco. Still, I wonder about a decision making process that is determined by one million local voters in a country of 130 million. Seems to me if the entire country is paying for it, the entire country should have been voting on it. Still what's done is done. Now let's see if Slim and the other fat cats want it bad enough to pay for it. Seems a little strange to single this project out while at the same time coming up with this tourist train boondoggle. BTW I see the Toluca train has also turned into a money pit. Sometimes I think these politicians confuse trains with brains. Link to comment Share on other sites More sharing options...
Mainecoons Posted October 31, 2018 Report Share Posted October 31, 2018 From Mexico News Daily (you get 10 free articles per month): https://mexiconewsdaily.com/news/business-slams-airport-decision/ Seems to me if the private sector wants to finish the thing and pay for it they should be allowed to do so. Maybe when it is their money all the grandiose and ridiculous architecture will disappear. Link to comment Share on other sites More sharing options...
utilitus Posted October 31, 2018 Author Report Share Posted October 31, 2018 Wed 31 Oct 2018 16:50:GMT Fitch revises Mexico's outlook to negative from stable See: https://www.forexlive.com/news/!/fitch-revises-mexicos-outlook-to-negative-from-stable-20181031 Link to comment Share on other sites More sharing options...
AlanMexicali Posted October 31, 2018 Report Share Posted October 31, 2018 17 hours ago, utilitus said: Wed 31 Oct 2018 16:50:GMT Fitch revises Mexico's outlook to negative from stable See: https://www.forexlive.com/news/!/fitch-revises-mexicos-outlook-to-negative-from-stable-20181031 This is what to expect from now on until 5 years pass. Poor Mexico. It was doing so well. Link to comment Share on other sites More sharing options...
utilitus Posted October 31, 2018 Author Report Share Posted October 31, 2018 It would be interesting to know if 'Old Generation' Slim was in on the hit... Link to comment Share on other sites More sharing options...
ibbocat Posted October 31, 2018 Report Share Posted October 31, 2018 The design spec for an air force base are a very long way from the requirement of an international airport. If this is an example for decision making for the next 6 years it will not be a change for the better. Link to comment Share on other sites More sharing options...
AlanMexicali Posted November 1, 2018 Report Share Posted November 1, 2018 14 hours ago, ibbocat said: The design spec for an air force base are a very long way from the requirement of an international airport. If this is an example for decision making for the next 6 years it will not be a change for the better. Making Mexico a 2nd. World country again is a huge step backwards. Why anyone would support this type of move is beyond me. The huge asset for the Mexican government and money maker for the next 50 or more years this airport would be is apparent to educated Mexicans. Link to comment Share on other sites More sharing options...
Jreboll Posted November 1, 2018 Report Share Posted November 1, 2018 Here we go again. Trying to connect politics to the peso. Fact is that the dollar index has been going up so other currencies will trade lower. Keep your eyes on the value of the dollar. Link to comment Share on other sites More sharing options...
Mainecoons Posted November 1, 2018 Report Share Posted November 1, 2018 Fitch specifically cited the airport decision and concerns about the future of energy reform in their rating change. Canceling this project based on an obviously non representative plebiscite is hardly an example of rational decision making. Read this Jreboll: https://www.reuters.com/article/us-mexico-airport/mexican-president-elect-pulls-plug-on-new-airport-peso-sinks-idUSKCN1N30EE Link to comment Share on other sites More sharing options...
Jreboll Posted November 1, 2018 Report Share Posted November 1, 2018 When AMLO won the elections there were those that were saying the peso would drop to 25:1 to the dollar. The dollar index was rising and about a dozen countries’ currency started to suffer, among those was China, India, SAfrica, Turkey, Brazil, Argentina and others. Then dollar index started to fall and the peso regained its value. The peso’s value does not operate in a vacuum. There are factors that affect it such as price of oil and and to a certain extent politics but not nearly as much as the value of the dollar. Pundits always have an agenda. Beware Link to comment Share on other sites More sharing options...
rvanparys Posted November 1, 2018 Report Share Posted November 1, 2018 If I recall, the peso takes a dip this time of the year... Normally this is in Dec... but maybe the political events are rushing the down turn... Link to comment Share on other sites More sharing options...
Willie Posted November 1, 2018 Report Share Posted November 1, 2018 Just came from Intercam....got $19.50 for the US dollar. Link to comment Share on other sites More sharing options...
John Shrall Posted November 1, 2018 Report Share Posted November 1, 2018 I received $20.10 yesterday on a wire to Multiva. $10US fee to receive the incoming wire, nothing from Ameritrade to send. The rate was 20 basis points under the international rate at the time of the transaction. Link to comment Share on other sites More sharing options...
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