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USDMXN Prints Back Above 18.00 as Markets Weigh Potential Reforms

MEXICO
  • USDMXN sprung back to life late Thursday, rising just under 3% as headlines surrounding discussions on potential constitutional reforms continue to spook investors following Sunday’s election results.
  • It was reported that ruling party lawmakers will seek to begin initial discussions on constitutional reforms so they can be voted in September, lawmaker Ignacio Mier says in video shared on X by journalists.
  • USDMXN had previously been hovering just above 17.50 as the post-election peso rout was broadly stabilising. However, the uncertainty surrounding the increase of power for the MORENA party in congress clearly remains heightened and prompted USDMXN to print as high as 18.0260 overnight.
  • The comments were tempered somewhat by officials who said the ruling party must be ‘very prudent’ on congress lead and then followed up by President-Elect Sheinbaum who stated the process on the constitutional reforms is not yet determined but will follow procedures and include discussions. USDMXN now tracks back at 17.90.
  • The rally this week cancels a recent bearish theme and attention remains on 18.2137, the Apr 19 high. Further strength would immediately bring the October 2023 highs into focus at 18.4863.
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