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MEXICO: Markets Reopen Following National Holiday, USDMXN Stabilising

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • A weaker dollar and still elevated levels for major equity benchmarks have allowed the Mexican peso to consolidate its most recent recovery. USDMXN spent the majority of the overnight session just above 19.20, however the pair is rising to fresh session highs around 19.35 at typing. Local markets were shut for the Independence Day holiday on Monday and will reopen today ahead of US retail sales data and the FOMC decision Wednesday.
  • As a reminder, Mexico passed the constitutional amendment on judicial reform into law on Sunday, marking the most far-reaching overhaul of a country’s court system ever carried out by a major democracy. Going forward, Mexican voters will now elect judges at every level, dramatically restructuring the third branch of government. Moody's Ratings has already issued a cautionary report, suggesting that this sweeping change could potentially impact Mexico's sovereign credit rating
  • Headlines also crossed indicating that Mexico will shift toward selling more sustainable bonds overseas, Deputy Finance Minister Gabriel Yorio told LatinFinance. The government will also seek to lower foreign debt to 10% of the total by 2030, from the current 15%, he said.
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  • A weaker dollar and still elevated levels for major equity benchmarks have allowed the Mexican peso to consolidate its most recent recovery. USDMXN spent the majority of the overnight session just above 19.20, however the pair is rising to fresh session highs around 19.35 at typing. Local markets were shut for the Independence Day holiday on Monday and will reopen today ahead of US retail sales data and the FOMC decision Wednesday.
  • As a reminder, Mexico passed the constitutional amendment on judicial reform into law on Sunday, marking the most far-reaching overhaul of a country’s court system ever carried out by a major democracy. Going forward, Mexican voters will now elect judges at every level, dramatically restructuring the third branch of government. Moody's Ratings has already issued a cautionary report, suggesting that this sweeping change could potentially impact Mexico's sovereign credit rating
  • Headlines also crossed indicating that Mexico will shift toward selling more sustainable bonds overseas, Deputy Finance Minister Gabriel Yorio told LatinFinance. The government will also seek to lower foreign debt to 10% of the total by 2030, from the current 15%, he said.