The Mexican peso has continued to weaken as Mexico's outgoing president _ and his successor _vowed to forge ahead with some 20 constitutional changes that have rattled investors. Claudia Sheinbaum won this month's presidential elections.
Mexico ’s future President Claudia Sheinbaum speaks during a press conference in Mexico City, Tuesday, June 11, 2024. MEXICO CITY — The Mexican peso continued to weaken Tuesday as Mexico ’s outgoing president — and his successor — vowed to forge ahead with some 20 c Claudia Sheinbaum won this month’s presidential election. But she has spent much of the time since then trying to reassure markets, while yielding not an inch on a controversial proposal to make judges and justices stand for election.
The peso declined by about 1% Tuesday to close at 18.49 to $1. The Mexican currency has dropped about 11% in value against the dollar since late May, especially after the June 2 elections. Mexican stocks closed unchanged Tuesday, but remain about 4% below pre-election levels.
“They were very accustomed to blackmail,” López Obrador said. “‘You had better preserve my privileges, because if you don’t, there is going to be capital flight, there is going to be a devaluation,” he said, paraphrasing the purported conspirators. He and Sheinbaum have offered to hold informational meetings and discussions to “explain” the reforms, but without offer the possibility that would change any of them. And many of those they want to attend the meetings — universities and professional organizations — haven’t even heard of the proposed forums yet.
Claudia Sheinbaum Andres Manuel Lopez Obrador Mexico Government Latin America Constitutions F Business Elections Financial Markets Politics
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