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MEXICO: AMLO Denies Involvement With Opposition Negotiations

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • Following last night’s Senate approval of the judicial reform, President AMLO said at his press conference today that senators voted freely on the reform as he denied involvement in the negotiation with opposition senator Miguel Angel Yunes to persuade him to vote in favour of the proposal. However, he said that it was possible that Morena Senator Adan Augusto Lopez spoke with Yunes.
  • USDMXN remains 1.4% lower today, as the judicial reform bill approval appears to have been met with strong profit taking by MXN bears. TIIE swap rates are also ~5bp lower, in contrast to the uptick in core yields.
  • Following the judicial reform approval, Citi says that short-term Mexico pessimism may have peaked, even though the reform brings very negative long-term implications. They say that the headline risk might be supportive of a relief rally, but note that the US election might bring new volatility in the coming weeks.
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  • Following last night’s Senate approval of the judicial reform, President AMLO said at his press conference today that senators voted freely on the reform as he denied involvement in the negotiation with opposition senator Miguel Angel Yunes to persuade him to vote in favour of the proposal. However, he said that it was possible that Morena Senator Adan Augusto Lopez spoke with Yunes.
  • USDMXN remains 1.4% lower today, as the judicial reform bill approval appears to have been met with strong profit taking by MXN bears. TIIE swap rates are also ~5bp lower, in contrast to the uptick in core yields.
  • Following the judicial reform approval, Citi says that short-term Mexico pessimism may have peaked, even though the reform brings very negative long-term implications. They say that the headline risk might be supportive of a relief rally, but note that the US election might bring new volatility in the coming weeks.