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MEXICO CITY (Reuters) - Mexico’s Finance Minister Jose Antonio Meade said on Monday that the peso’s recent depreciation reflects uncertainty about the NAFTA renegotiation process and questions about how quickly the U.S. Federal Reserve will normalize rates.

“The exchange rate reflects different kinds of uncertainties, many of which we cannot control, such as the normalization process of interest rates in the United States,” said Meade, speaking at an event in Mexico City.

“There are other elements which are Mexico-specific. The concern surrounding the (NAFTA) trade agreement,” he added.

The peso MXN=D2 slipped over 1.0 percent against the dollar on Monday to its weakest level since May 18. It has shed about 4.5 percent this month.

The administration of U.S. President Donald Trump, which is demanding significant changes to the North American Free Trade Agreement, has presented a series of hard-line proposals that partners Canada and Mexico say will be tough to accept.