The Cable

Mexico’s Currency Declares Hillary Clinton Last Night’s Winner

The Mexican currency goes up when Trump stumbles. On Tuesday, after the debate, it's surging.

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According to the Mexican peso, there was a clear winner in last night’s presidential debate. It wasn’t Republican Donald Trump.

The value of the Mexican currency has been trending in the opposite direction from Trump’s chances of winning the Oval Office. When he’s doing well, the peso does poorly; his slumps, in contrast, boost the currency. Last night during the debate its value soared more than 2 percent against the dollar.

This tracks with public opinion as to who won the event. According to a CNN/ORC poll of debate watchers, 62 percent believed Democratic nominee Hillary Clinton won compared with 27 percent for Trump.

Trump, ever the spin-doctor, said after the debate that “went better than I ever thought.” Futures markets beg to differ; they scored the debate a rout for Clinton.

On Monday, world markets traded lower on the possibility that Trump would win the debate and inch closer to the presidency, something investors fear because of the uncertainty that would bring. He’s threatened to tear up trade agreements, raise tariffs on foreign goods, dramatically cut taxes without corresponding spending cuts, and tear up financial regulations. For now, at least, it appears as if those with money in the game believe the chances of that happening have now gone down a bit.

Photo credit: YURI CORTEZ

David Francis was a senior reporter for Foreign Policy, where he covered international finance. @davidcfrancis

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