Mexican president backs U.S. dollar as globe’s ‘principal currency’

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Article via on 08 May 2023

MEXICO CITY, May 8 – Mexican President Andres Manuel Lopez Obrador gave the U.S. dollar a vote on confidence on Monday after he was asked if a weakening greenback might spur a move to diversify Mexico’s foreign currency reserves.
“We are going to continue considering the dollar as the world’s principal currency,” Lopez Obrador told a press conference.
“We have sufficient reasons to not move to other currencies,” he said, underscoring Mexico’s “increasingly close” economic ties to the United States.
The United States is by far Mexico’s largest trading partner, with both economies closely integrated over decades in sectors ranging from energy, autos and agriculture.
The dollar remained weaker against most of its major peers on Monday as fears persist about a potential recession in the United States later this year.

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