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MEXICO: Ongoing Reform Risks in Spotlight, Sheinbaum to Present Energy Plan

MEXICO
Metals bulletEM BulletCommoditiesMexicoBulletGlobalEmerging Market NewsRegion
  • While the USDMXN price action has been primarily driven by US election developments, it is important to note the ongoing risks related to constitutional reforms continues to provide an additional unstable backdrop for the peso.
  • Overnight, reports indicated that Mexico’s Supreme Court has dismissed a ruling intended to limit the scope of a judicial overhaul passed by Congress. While the article indicates this should avert the threat of an imminent institutional crisis, it also paves the way for the contentious judicial reform process to go ahead next year, a factor that has unnerved investors in recent months.
  • USDMXN gains today extend the year-to-date advance to an impressive 22.3% against the dollar, and as noted, the next notable resistance is found at 21.0535, the Jul 2022 high.
  • On the calendar today, President Claudia Sheinbaum is set to present her national energy plan during a morning press conference starting at 7:30am, Mexico City time. Sheinbaum has also announced that she will present a plan for Pemex on November 13.
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  • While the USDMXN price action has been primarily driven by US election developments, it is important to note the ongoing risks related to constitutional reforms continues to provide an additional unstable backdrop for the peso.
  • Overnight, reports indicated that Mexico’s Supreme Court has dismissed a ruling intended to limit the scope of a judicial overhaul passed by Congress. While the article indicates this should avert the threat of an imminent institutional crisis, it also paves the way for the contentious judicial reform process to go ahead next year, a factor that has unnerved investors in recent months.
  • USDMXN gains today extend the year-to-date advance to an impressive 22.3% against the dollar, and as noted, the next notable resistance is found at 21.0535, the Jul 2022 high.
  • On the calendar today, President Claudia Sheinbaum is set to present her national energy plan during a morning press conference starting at 7:30am, Mexico City time. Sheinbaum has also announced that she will present a plan for Pemex on November 13.