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The Mexican Peso trades mixed after rising for four consecutive days.  Gains came from a move by the Supreme Court to re-examine controversial reforms and a Banxico official’s comments.  USD/MXN falls to critical support at the base of its rising channel and the 50-day SMA.  The Mexican Peso (MXN) fluctuates between minor gains and losses on Friday during the European session after clocking up four successive up days in all three of its most-traded pairs: USD/MXN, EUR/MXN, and GBP/MXN.  The Peso’s strength came initially from Deputy Governor of the Bank of Mexico (Banxico) Jonathan Heath, who commented on Tuesday that interest rates should remain higher for “more time”. Higher interest rates encourage more foreign capital inflows and strengthen the Peso. Later in the week, news of a Supreme Court decision to review and potentially revise controversial reforms to the judiciary encouraged a continuation of the rally. It should be noted that the Peso is now at the 50-day Simple Moving Average (SMA) level in all of three of its key pairs, a technical indicator institutional investors take into account during their decision-making.   Mexican Peso appreciates following Supreme Court motion The Peso rallied on Thursday after the news that Mexico’s 11 Supreme Court judges voted by a majority of eight to three to re-examine controversial constitutional reforms to the judiciary, passed by the government in September. The move could block the implementation of the reforms, which seek to have judges elected rather than appointed, according to El Financiero.  Mexican financial markets took a beating in June after the election of the Morena-led government amid investor concerns regarding these and other proposed reforms. They were a contributing factor in a 10% depreciation of the Mexican Peso. Critics argue that they threatened the independence of the judiciary, were anti-democratic, and endangered outside investment. …

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Filed under: News - @ October 4, 2024 9:25 am