Mexican Peso weakens after Sheinbaum confirms reform of judiciary

The Mexican Peso resumes weakening after President-elect Sheinbaum gives the green light to judicial reforms. Markets also fear President Obrador using his last month in office to push through the reforms himself. USD/MXN pushes back up against key October 2023 highs at 18.49 as it resumes the march higher. The Mexican Peso trades roughly a percent lower in its key pairs on Tuesday after a press conference by President-elect Claudia Sheinbaum.

USD/MXN Daily Chart The rally in June means the pair is probably in a short and intermediate-term uptrend, and given that “the trend is your friend,” the odds favor price continuing higher. The Relative Strength Index is in the overbought zone, however, suggesting traders should not add to their long positions. It also increases the possibility of a pullback developing, although the established uptrend is likely to eventually resume after that.

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