The Mexican Peso freefall continued Tuesday, following virtual President-Elect Claudia Sheinbaum’s press conference on Monday, during which she reassured voters the judiciary reform is a go, raising investors' fears as the USD/MXN soared.
Mexican Peso continues to depreciate more than 1.20% on Tuesday as investors fear judiciary reform and dissolution of autonomous bodies. Sheinbaum’s confirmation of “Plan C” program drives volatility with USD/MXN rallying to 18.57. Political uncertainty overshadows Mexico ’s economic data; US CPI, Fed decision expected to extend USD/MXN rally.
December’s 2024 fed funds futures contract hints that investors expect 28 basis points of rate cuts by the Fed through the end of the year. Technical analysis: Mexican Peso slumps sharply with USD/MXN buyers eyeing 19.00 The USD/MXN remains bullishly biased even though the rally stalled after hitting a multi-month high of 18.65, which sponsored a leg down toward the current exchange rate.
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