The Mexican peso tumbled more than 1% this morning, more than every other major emerging-market currency except the South African rand.

Bloomberg reports that traders were anticipating a victory for the opposition Morena party in this weekend’s gubernatorial elections in the state of Mexico, according to Win Thin, Brown Brothers Harriman & Co.’s head of emerging markets in New York.

And the peso is back at one-week lows

Peso also hurt by negative sentiment towards emerging markets, as South African President Jacob Zuma quashed a revolt in his own party, denting optimism a more market-friendly leader will take over...

While hot money floods into EM bonds and stocks, Thin notes