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The Mexican Peso resumes weakening after President-elect Sheinbaum gives the green light to judicial reforms.  Markets also fear President Obrador using his last month in office to push through the reforms himself.  USD/MXN pushes back up against key October 2023 highs at 18.49 as it resumes the march higher.   The Mexican Peso (MXN) trades roughly a percent lower in its key pairs on Tuesday after a press conference by President-elect Claudia Sheinbaum. In it, Sheinbaum confirmed she would be pushing ahead with reforms to the judiciary, which have raised concerns amongst investors and contributed to an over 8.0% devaluation of the Peso since the election on June 2.  At the time of writing USD/MXN is exchanging hands at 18.44, EUR/MXN is trading at 19.82 and GBP/MXN at 23.47. Mexican Peso weakens after Sheinbaum presses  The Mexican Peso started depreciating again on Monday during a press conference given by Sheinbaum, at which she confirmed she would be prioritizing controversial reforms of the judiciary that investors fear could negatively impact the business climate in the country, according to Reuters.  Up until then, Mexico’s first woman President had avoided giving a clear commitment to the reforms, which were first proposed by the present incumbent, President Andrés Manuel López Obrador (AMLO), as part of a sweeping list of changes back in February.  In a press conference at the presidential palace on Monday, however, Sheinbaum said that after she elects her cabinet next week the “constitutional reform of the judiciary would be among the first reforms to be approved.” When asked if these would weaken the Mexican Peso, Sheinbaum said she did not believe they would impact financial markets. Other reforms that the President-elect said she would be prioritizing were those to social benefits, she added.  The reform to the judiciary seeks to replace the…

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Filed under: News - @ June 11, 2024 10:18 am