Related: Mexico Sees Higher Interest Rates

Believe it or not, data prove correlations between the peso and the British pound are increasing at the worst possible time for peso bulls.

“The correlation between the peso and the British pound has surged to a 10-month high, allowing traders to bet on peso declines as a hedge against potential losses from the decision,” according to Bloomberg.

In February, Mexico’s central bank surprisingly raised interest rates in a bid to stem the peso’s lengthy slump.

For more information on the Mexico ETF market, visit our Mexico category.

iShares MSCI Mexico Capped ETF