On Tuesday, the Mexican peso closed above 20 units per dollar in the local market.
This change shows investors’ worry about a new judicial reform plan. The peso’s value has dropped since its strong showing earlier this year.
Banxico reports the peso’s 48-hour interbank value ended at 20.0911 pesos per dollar. During trading, it hit a high of 20.1190 and a low of 20.0070.
Monex Financial Group links the peso’s weakness to Senate talks on a reform backed by President López Obrador.
They think the peso will move between 19.90 and 20.23 per dollar until the Senate votes. Gabriela Siller from Banco Base points to other factors hurting the peso.
These include a stronger yen, lower oil prices, and a rising dollar. Other currencies like the Brazilian real also face similar problems.
The peso became unstable after the June 2 elections, when Claudia Sheinbaum won the presidency.
This is very different from April, when the peso traded at 16.46 per dollar, earning the name “superpeso”.
This change in the peso’s value shows how politics and global money issues affect currency markets.
It also highlights the tough road ahead for Mexico’s economy as it deals with new laws and world money pressures.n
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This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. How we use AI · Report an error