The Mexican peso firmed as much as 1 percent on Friday amid expectations that ongoing NAFTA talks in Mexico City would adopt a slightly more deliberative tone than in the past and focus on low-impact issues. The peso, which was trading at its strongest level against the dollar since mid-October, was also lifted by news that US special counsel investigators into possible Russian interference in the 2016 US election were seeking more documents from the Trump campaign.
Late on Thursday, Reuters reported that Canada is open to reviewing the North American Free Trade Agreement every five years instead of terminating the deal automatically if it is not renegotiated as the United States has proposed. In a note to clients, Citibanamex said that the current round of NAFTA talks would focus on less controversial topics and Mexico was poised to present creative solutions, which would ease nervousness in the markets.
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