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MEXICO: JPY Sell-Off Eases Pressure on MXN, Judicial Reform Debate Eyed

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • A 1.36% rally for MXNJPY to start the week has eased the pressure on the peso somewhat, allowing USDMXN to fall back below 20.00 and extend to session lows in most-recent trade. Markets have been focused on MXNJPY in recent weeks as narrowing rate differentials and worsening global/domestic outlooks continue to drive the cross to fresh 2024 lows.
  • Domestic risks remain centred around Morena’s controversial planned overhaul of the judicial system. Mexico’s opposition is pledging to block the bill in the Senate, where the ruling party have close to a supermajority.
  • Opposition lawmaker Julen Rementeria said “there is a mathematical chance of blocking this in the Senate and that they “have to stand united against the reform”.
  • Separately, Supreme Court judges are expected to evaluate whether to continue with a suspension of activities in protest over the president’s reform bill.
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  • A 1.36% rally for MXNJPY to start the week has eased the pressure on the peso somewhat, allowing USDMXN to fall back below 20.00 and extend to session lows in most-recent trade. Markets have been focused on MXNJPY in recent weeks as narrowing rate differentials and worsening global/domestic outlooks continue to drive the cross to fresh 2024 lows.
  • Domestic risks remain centred around Morena’s controversial planned overhaul of the judicial system. Mexico’s opposition is pledging to block the bill in the Senate, where the ruling party have close to a supermajority.
  • Opposition lawmaker Julen Rementeria said “there is a mathematical chance of blocking this in the Senate and that they “have to stand united against the reform”.
  • Separately, Supreme Court judges are expected to evaluate whether to continue with a suspension of activities in protest over the president’s reform bill.