A picture illustration shows Mexican pesos and U.S. dollars banknotes in Mexico City

Peso hits new low on fears of U.S. protectionism

Mexico's peso hit a new record low on Wednesday, falling more than 1.5 percent amid ongoing uncertainty over U.S. President-elect Donald Trump's eventual policies and in anticipation of an address by the Mexican president.

The peso MXN= MXN=D2 dropped as low as 21.4750 per dollar, after pushing past the previous low of 21.395 per greenback set on Nov. 11, soon after Trump's surprise Nov. 8 election victory. It later pared losses slightly.

On Tuesday, the peso was rocked by Ford Motor Co.'s decision to cancel a planned $1.6 billion . . .

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