The Mexican peso shot higher on Friday after Commerce Secretary Wilbur Ross said during an interview on CNBC that the battered Mexican currency could receive a boost if the U.S. and its southern neighbor manage to work out a good trade deal. The dollar was off 1.3% at 19.75 pesos in recent trade, compared with 20 pesos late Thursday in New York. Ross also spoke of the need to implement some kind of stability mechanism for the Mexican currency, which has been extremely volatile in recent months. The peso has fallen in part because President Donald Trump has pledged to renegotiate the North American Free Trade Agreement.
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