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Further Sharp MXN Volatility As Sheinbaum Discusses Mexico Transition

MEXICO
  • President-Elect Claudia Sheinbaum stoked MXN volatility late Monday as she detailed that Judicial reform would be among the first that congress tackles, while speaking at a press conference in Mexico City. She intends to propose a wide discussion on reforms in the coming months, given she wants ‘all of Mexico’ to be included in the debate. The plan is for priority reforms to be discussed in September, Sheinbaum added.
  • Sheinbaum said she doesn’t think reform discussion will impact the local currency and noted that she would name her cabinet next week. USDMXN had a different interpretation and sharply rose as she began to detail some of her plans.
  • The pair rose from around 18.23 to 18.58, although Monday’s session high of 18.6580 remained intact. The latest rally confirms a resumption of the broader uptrend that started Apr 9. Sights are on 18.7976, the Mar 24 ‘23 high.
  • For what it’s worth, prior to Sheinbaum’s press conference, the peso had been supported as ruling party senate leader Monreal explained that the markets are a factor in ruling party decisions. He added that Sheinbaum is “very sensible” and has instructed lawmakers to be cautious.
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