Associated Press

Nothing has taken Donald Trump's election harder than the Mexican peso, which has fallen almost 8% since November 8th.

But if you thought his tough-on-immigration speech would rub salt in the wound, think again. The peso has been surging since the president began talking.

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Data: Money.net; Chart: Andrew Witherspoon / Axios

UBS analyst Bhanu Baweja warned earlier today that this would happen, arguing that markets have overshot the effects that even high tariffs would have on Mexico's economy.

Why this matters: Higher volatility in currency markets is a win for Wall Street, who have the smarts and the resources to profit from greater uncertainty. The president's penchant for geopolitical confrontation and off-the-cuff remarks will redound to the benefit of big finance.

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