Mexican Peso Jumps for Joy as FBI Closes Clinton Email Probe

Mexican Pesos (Yuri Cortez / AFP / Getty)
Yuri Cortez / AFP / Getty
Newport Beach, CA

With the new letter by Director James Comey released Sunday stating the FBI has reviewed Anthony Weiner’s laptop and concluded it will still not recommend prosecuting Hillary Clinton for her private email server, the value of the Mexican peso jumped for joy.

The surprising news was first released by the Chairman of the United States House Committee on Oversight and Government Reform Committee, Rep. Jason Chaffetz (R-UT), who tweeted, “FBI Dir just informed us ‘Based on our review, we have not changed our conclusions that we expressed in July with respect to Sec Clinton.”

Director Comey’s full letter to both of the major parties’ Congressional leaders, dated November 6, states that his team “has been working around the clock,” studying emails on a laptop belonging to former Congressman Anthony Weiner, the estranged husband of top Hillary Clinton aide Huma Abedin.

Comey stated that the review of the additional material “from a device obtained in connection with an unrelated criminal investigation” did not change the investigators’ previous conclusion regarding Clinton’s email practices.

Donald Trump has committed if elected president to renegotiate or repel the North American Free Trade Agreement that he calls an “American job killer.” The treaty was signed by Hillary Clinton’s husband, President Bill Clinton, in December 1993. As a result, the value of the Mexican currency is seen by investors as a barometer on the election.

On October 25, the day that Comey noticed Congress that the FBI was investigating Weiner’s 650,000 emails, the USC Dornsife / LA Times Presidential Election “Daybreak Poll” showed voter preference for Republican Donald Trump at a 1 percent lead over Democrat Hillary Clinton. But odds Trump would win enough “Electoral Votes” to be president were still less than 15 percent.

By November 8, the Daybreak Poll showed Trump with a 5.4 percent lead and the odds he would win enough Electoral College votes to be president had more than doubled, to 35 percent. During the same period that Trump’s odds of being elected relentlessly moved higher, the S&P 500 Stock Index fell in each of next 9 trading days, for the first time since 1980.

With the FBI again closing their Hillary Clinton probe, currency traders sold U.S. dollars and bought Mexican pesos. The Mexican currency’s exchange rate spiked up 2.5 percent to 18.5 to the U.S. dollar in early trading on the Tokyo exchange.

Elias Haddad, a senior currency strategist at Commonwealth Bank of Australia in Sydney, told Bloomberg, “The peso rallied and yen plunged on speculation this morning’s FBI announcement will reduce Donald Trump’s odds of winning the U.S. Presidency.”

With almost 50 percent of the revenues for the large corporations in the Standard & Poor’s 500 Index coming from operations outside the U.S, S&P 500 stock futures rose by 1.1 percent in Tokyo trading.