The peso is tumbling back to earth after last week’s excitement following a 2% plunge YoY in Mexican retail sales in December – the biggest drop since 2013.
It is perhaps no coincidence that Mexico’s retail sales peaked in November 2016 – the month President Trump was elected – and have fallen ever since.
This is the 5th straight month of annual declines in Mexico retail sales…
And the reaction was swift in the peso…
Fascinating that both Mexico and Canada are seeing major downturns and disappointments in their macro data in recent weeks, just as NAFTA negotiations reach the vinegar strokes.
