Mexican Peso Extends Recovery Following President’s Cabinet Announcement

The Mexican peso extended its recovery midway through Thursday. The local currency was bolstered by an announcement made just a few minutes ago by Claudia Sheinbaum, the virtual president-elect of Mexico.

She introduced six key figures who will be part of her government cabinet, set to begin on October 1st.

The spot exchange rate stands at 18.3054 pesos per dollar. Compared to the official rate of 18.4520 pesos yesterday, as reported by the Bank of Mexico (Banxico), this movement represents a gain of 14.66 cents for the peso or a 0.80% appreciation.

At its peak during the session, following Sheinbaum’s announcement, the dollar’s price dropped to 18.2929 pesos, while the highest rate of the day was 18.4655. The Dollar Index (DXY), which measures the dollar against other G7 currencies, rose 0.34% to 105.61.

USD/MXN

Sheinbaum Pardo introduced the first six members of her cabinet. Notable among them is Marcelo Ebrard, former foreign minister and contender for Morena’s presidential candidacy, who will lead the Ministry of Economy.

Other cabinet members announced by Claudia Sheinbaum include Dr. Juan Ramón de la Fuente as Secretary of Foreign Affairs and Rosaura Ruiz as Secretary of Science, Humanities, Technology, and Innovation.

The market has shown keen interest in Sheinbaum’s initial actions as president, especially amid discussions of constitutional reforms, particularly those affecting the Judiciary, which have sparked market nervousness.

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Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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