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MEXICO: Judicial Reform Progress Remains Key Focus for Markets

MEXICO
  • Headlines have just crossed detailing that the Lower house in Mexico has approved the general text of Morena’s judicial reform bill, with 359 votes in favour and 135 against. The looming passage of the overhaul has paralysed the country's court system as judges and thousands of court workers have gone on strike and are working only on urgent cases.
  • Lawmakers are now set to discuss individual articles of the judicial reform proposal, but its core objective, the election of judges by popular vote, will remain part of the bill. Reports note that once individual articles are approved, the plan will be ready to be discussed in the Senate, where the governing coalition only needs one additional vote to reach the supermajority required to pass it.
  • USDMXN briefly hit a new intra-day peak of 19.8959 in recent trade, remaining in close proximity to most-recent highs as domestic political risks show few signs of abating in the short-term. The pair will continue to focus on the psychological 20.00 mark and the bull trigger at 20.2181, the Aug 5 high.
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EM BulletMexicoBulletGlobalEmerging Market NewsRegion

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