The Mexican Peso briefly recovered on Thursday after the President of the Banxico warned she will prop up the Peso if volatility persists. The recovery falters on Friday, however, as traders continue beating MXN lower following the outcome of the June elections. USD/MXN appears to end its correction and resume its bullish trend.
hit back at critics of his reforms, saying the current depreciation of the Peso, which has lost 10% of its value since the election, has been driven by “speculators” not “investors” and is part of a conspiracy of the right to “blackmail” the government into ditching the proposed reforms. He further argued that the current system of appointing judges was too open to corruption by elites, politicians and organized crime, resulting in a judiciary that was compromised.
also pointed to the fact that under his administration the Peso had appreciated whereas under all five previous Presidents it had depreciated, sometimes considerably. Critics of say he is punishing the Supreme court for obstructing some of his reforms. The large decline in the Mexican Peso since the June 2 elections could be seen as an overdue correction from overvalued extremes. The Peso has been in a long-term uptrend since April 2020, partly due to the extraordinarily high interest rates set by the Bank of Mexico , which have made the currency attractive to carry traders.
Source: Financial Digest (financialdigest.net)
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