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MXN Under Pressure As Officials Comment On Pemex Debt Problem

MEXICO
  • The Mexican peso has come under pressure this morning against the backdrop of generalised USD strength and higher US yields. USDMXN broke through the 17.00 handle earlier, briefly piercing last Thursday's highs at 17.0681. Yesterday, presidential frontrunner Claudia Sheinbaum said in a speech that both private and public financing have a role to play in moving the country toward cleaner energies. The country must speed up its shift to cleaner energy and continue to discuss energy efficiency, she said.
  • Separately, Mexico City Finance Minister Gonzalez said that Mexico must reconsider its business plan for state driller Pemex at a forum organised by Sheinbaum’s campaign to discuss state finances. High levels of debt could send negative signals to the market, Gonzalez said, so it’s important to keep debt levels stable. Additionally, Lorenzo Meyer, an independent member of Pemex’s board, said that a portion of Pemex’s debt should become public, noting that Pemex’s debt problem is not improving, it’s simply being pushed forward.
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