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MEXICO: Peso Remains Under Pressure as Judicial Reform Bill Progresses

MEXICO
  • The Mexican peso came under significant pressure once again on Monday as sentiment continues to be negatively impacted by the planned judicial reforms by the administration. Last week’s nationwide strike by judges was followed by protestors taking to the streets across Mexico on Sunday in the latest opposition to the proposed judicial overhaul. The President described some of the latest criticism as ridiculous in his Monday press conference.
  • Overnight, the lower house’s constitution committee approved the judicial reform proposal in general terms, the first step for the bill to be discussed in congress in September. President-Elect Sheinbaum said that the reform would strengthen the rule of law and provide more autonomy to Mexico’s judiciary. 
  • The comments did little to stem the peso weakness and USDMXN trades around 19.43 as we enter the US session. Fibonacci retracement points at 19.5999 and 19.8362 are the next topside levels of note.
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