The Mexican peso came under pressure this week as Fitch and Moody’s revised downwards their ratings of Mexico’s sovereign debt and national oil company Pemex.

Since June 5, the currency has shed 1.5% of its value against the US dollar, falling to 19.7 pesos to the dollar in earlier trading today (June 7). The drop came as Fitch downgraded Mexico’s sovereign debt to BBB from BBB+, just outside junk status, on lower oil revenues and growing trade tensions with the US. Moody’s changed its outlook