0912 GMT - The Canadian dollar and Mexican peso drop to multiyear lows against the U.S. dollar after President Trump confirmed he would implement 25% tariffs on goods from Canada and Mexico, starting Tuesday. Both currencies remain sharply lower compared with levels on Friday, although they are off their weakest levels in early European trade. "In terms of implications, if implemented and prolonged, Canada and Mexico would likely go into an imminent recession and potentially see a bigger shock than Brexit was for the U.K.," Deutsche Bank analysts say in a note. The Canadian dollar hit its lowest level since 2003 overnight, taking USD/CAD to a peak of 1.4793, according to FactSet. USD/MXN hit its highest in three years at 21.2950, FactSet data show. USD/CAD is last at 1.4693, while USD/MXN is at 21.1535. (jessica.fleetham@wsj.com)
(END) Dow Jones Newswires
February 03, 2025 04:12 ET (09:12 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.