UPDATE: Mexican peso hits all-time low on Trump comments

01/11/17 12:03 PM EST

The Mexican peso tumbled to a fresh all-time low on Wednesday after President-elect Donald Trump said he hopes General Motors Co. (GM) will follow Ford Motor Co.'s [d: f] example and keep more jobs in the U.S. Trump's remarks came several minutes into his first news conference since his Nov. 8 electoral victory. Trump recently criticized GM for selling Mexican-built cars in the U.S. Last week, Ford said it would scrap plans for building a new factory in Mexico, and instead expand an existing factory in Michigan. One dollar bought 22 pesos in recent trade, up 1% from 21.78 pesos late Tuesday in New York. Mexican stocks fell following Trump's comments, with the iShares MSCI Mexico Capped ETF (EWW) down 1.3% at $41.41 a share. The peso has fallen sharply since the election on the belief that Trump will seek to negotiate a more stringent trading relationship with Mexico.

-Joseph Adinolfi; 415-439-6400; AskNewswires@dowjones.com

 

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01-11-17 1203ET

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