The weight on Monday had its deepest depreciation in more than seven months, in the midst of a renewed nervousness by the Donald Trump’s tariff offensive after the events that occurred with Colombia over the weekend, and for the shaking that put the markets on Monday The Chinese Startup Depseek with its cheap artificial intelligence model.
The dollar was closed at 20,7278 pesos, a fall for the national currency of 2.18%, the deepest from 2.65% of last June 7, according to Banxico data.
The tariff threat of the United States, after the incident with Colombia, in which it was clear that Trump will use trade to achieve other objectives.
Investors fear that commercial disputes will shake the markets again after President Donald Trump threatened to impose strong tariffs on Colombia.
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On Sunday, Trump said the White House would impose 25% tariffs on Colombian imports, mainly crude oil, coffee and flowers. His threat occurred after Bogotá rejected US military planes transported deported.
In a night agreement, Colombian and American diplomats prepared an agreement for Bogotá to accept the deportees without incurring tariffs.
“The market, in recent weeks, has become complacent to the threat of tariff Management
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“The events of this weekend not only reduce the probability of that theory, but also remind us of how quickly the Trump administration can resort to commercial threats,” he added.
“On equal terms, this increases volatility, increases the risk and decreases the assessments of currencies against the US dollar.”
The Colombian peso fell 1.8% on Monday, but cut most of its losses and recently fell 0.65%, about 4,200 per dollar.
Mexico and Canada face a deadline on February 1 to meet Trump’s demands on border security and other themes or Washington will apply 25% tariffs to imports from their countries.
“It is perceived that the risk that these tariffs are imposed has increased,” said Graham Stock, Senior Sovereign Strata for emerging markets of RBC Global Asset Management.
He said that the Mexican weight was the most affected because the country has a lot Fentanyl to the United States.
Trump’s attack against Colombia was a surprise given the long relationship between the two countries and the relatively small scale of the Colombian economy.
President Gustavo Petro’s leftist ideology may have been a factor, and also intensified the Trump dispute with opposite publications on social networks.
“Trump probably thought that it was politically convenient to attack Colombia (…) since the country means little for the United States in terms of commerce and the influence that Trump would probably obtain on more important commercial partners by turning Colombia into an example,” Aaron said Gifford, senior analyst for sovereign debt of emerging markets in T. Rowe Price.
“We have already seen the market trying to detect the following conflict zone, with the Mexican weight depreciating much more than the Colombian weight during the day. There will be some riddles while investors try to stay away from any country that is directly or indirectly in the line of fire, ”he added.
Other investors remained cautiously optimistic about the debt of emerging markets until threatened tariffs do not materialize.
“We continue to prefer the debt in strong currency of emerging markets, which we believe will be resistant to the general risk around tariffs,” said Shamaila Khan, director of fixed income for emerging markets and Pacific Asia in UBS Asset Management.
“I want to emphasize that until now there have only been holders around tariffs, so the base hypothesis is that they are a means to an end instead of a desired result,” he added.
The Deepseek effect
The Base Financial Group indicated that today’s uncertainty in financial markets was also fed by the possibility that the artificial intelligence market is in a bubble due to its overvaluation and that it can explode soon.
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“The concern arose from the Chinese Deepseek startup that published a cheaper artificial intelligence model. The above led to capital markets closing the session with losses and dragging down to the rest of the financial market, ”he said in a report.
He added that most of the main crosses against the dollar depreciated, with the Mexican weight at the head.
With information from Francisco Rivera and Reuters
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