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The second coming of Donald Trump is driving America’s friends and enemies a little batty. As Marcus Ashworth puts it: “The rest of the world isn’t waiting around to price in Trump’s ‘America First’ agenda. Emerging market currencies are feeling the strain with virtually all this year’s gains evaporating, with the Mexican peso weakening by more than 3% as it’s directly under the Trump spotlight.” (But see Juan Pablo Spinetto in Telltale Charts below.) The euro, meanwhile, suffered its biggest drop against the dollar since 2016 — the year Trump was first elected.
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