LONDON, Nov 6 (Reuters) - Mexico's peso sank to its

weakest level in over two years on Wednesday, as markets braced

for a win for Donald Trump the U.S. election, extending a streak

of volatility and weakness for the emerging markets bellwether.

The peso dropped as low as 20.8038 per dollar for the

first time since August 2022, more than 3% weaker than its

previous close - the biggest such tumble since Mexico's election

in summer roiled domestic assets. While emerging market

currencies suffered broadly against a soaring dollar, the

peso chalked up some of the biggest losses.

"The Mexican peso has been hit hard," said Chris Turner,

global head of markets at ING. "High volatility is also

undermining the carry trade and it's hard to rule out a move to

22.00 over coming weeks."

After Trump's 2016 presidential victory, the peso plummeted

around 8.5% on the dollar to a then-historic low.

The U.S. currency's climb began after very early indications

of a Republican win in Georgia and continued to gathered pace,

with the dollar index hitting a four-month peak.

Markets had been fretting that the United States' southern

neighbour could face trade barriers under a possible Trump

presidency.

Turner said 2025 could be a "rough year for the peso" if

presumed president Trump would question the renewal of the USMCA

at its review in 2026. The United States-Mexico-Canada Agreement

is the trade pact that took effect in 2020.

Immigration, as well as remittances, from Mexico to the U.S.

are expected to be other flash points.