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MEXICO: Controversial Judicial Reform Bill Progresses Through Senate

MEXICO
  • Mexico’s Senate approved the general text of the Morena party’s plan to overhaul the country’s judicial system. The constitutional reform proposal, whose core goal is to elect all federal judges by popular vote, was approved early Wednesday with 86 votes in favour and 41 votes against.
  • MXNJPY had been under pressure amid the overnight pressure on core yields. Just ahead of the headlines, the cross briefly extended the year’s range to 26%, slipping to a low of 6.9908, and the lowest level since March 2023.
  • Although the controversial reform’s progress has been underpinning negative sentiment for domestic assets, the subsequent price action has been supportive of MXN, perhaps owing to the close proximity of the US data and profit taking dynamics potentially in play.
  • USDMXN failed to breach the bull trigger at 20.2181, the AUG 5 high, and has seen a near 1% move lower from the overnight high to trade around 19.95 ahead of the US data.
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