T.J. Kirkpatrick | Bloomberg | Getty Images
Billionaire investor Wilbur Ross, commerce secretary nominee for U.S. President-elect Donald Trump, speaks during a Senate Commerce, Science and Transportation Committee confirmation hearing in Washington, D.C.
If the United States and Mexico were able to renegotiate a good trade deal, the beaten-down Mexican peso should recover a lot, Commerce Secretary Wilbur Ross told CNBC on Friday.
Ross, a billionaire who made his fortune investing in distressed assets, said the peso has fallen on worries about President Donald Trump’s desire to renegotiate Nafta, the North American Trade Agreement.
The U.S. dollar fell sharply against the Mexican currency, dropping 0.74 percent to 19.84, after first spiking as Ross spoke.
On “Squawk Box,” Ross also said there also needs to be mechanisms put in place to make the peso-dollar relationship more stable.
Dollar/peso 2-day chart
Source: FactSet
