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The Mexican Peso finds support after investors welcome incoming-President Sheinbaum’s cabinet picks. Marcelo Luis Ebrard Casaubón will take the Economy portfolio.  High interest rates and a low probability of an interest-rate cut in June keep the Peso supported, analysts say.  The Mexican Peso (MXN) continues recovering on Friday on the back of optimism regarding incoming-President Claudia Sheinbaum’s top cabinet picks and the expectations that higher interest rates in Mexico will continue attracting foreign capital to its shores.  USD/MXN shrugs off higher-than-expected US flash S&P Global PMI data for June despite it showing a brighter outlook for both Manufacturing and Services sectors of the US economy, and supporting Dollar-pairs more broadly.  At the time of writing, one US Dollar (USD) buys 18.20 Mexican Pesos, EUR/MXN is trading at 19.45 and GBP/MXN at 23.00. Mexican Peso regains investors confidence after cabinet choices The Mexican Peso strengthened on Thursday after Claudia Sheinbaum’s announcement of six of her cabinet ministers was well received by markets. The list includes several leading academics and public servants who served with her during her time as Mayor of Mexico City.  Heading up the Economy Ministry will be Marcelo Luis Ebrard Casaubón, the former head of Foreign Affairs under President Andres Manuel López Obrador (AMLO). Ebrard Casaubón left the ministry in 2023 to run against Sheinbaum for the Morena party nomination. He has a long background in government administration and was President of the United Nations Global Network on Safer Cities, which focuses on fostering sustainable development. He thus shares Sheinbaum’s concerns about climate change.  “Ebrard will have to take on the renewal of a free trade agreement with the United States and Canada and increase foreign investment, another well-received announcement,” said Gabriela Siller, Director of Economic Analysis at Banco Base, to Associated Press (AP) News. Siller added that despite the…

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Filed under: News - @ June 21, 2024 8:18 pm