The Mexican peso falls due to the strengthening of the dollar, resuming its negative trend.
The Mexican peso depreciated due to a strengthening dollar, resuming its negative trend driven by risk aversion among investors regarding the potential effects of the judicial reform.
On Monday, the Mexican peso fell in trading. The local currency weakened as the dollar strengthened, resuming the downward trend caused by investor risk aversion over the potential impacts of the judicial reform.
The exchange rate closed the day at 19.3617 pesos per dollar. Compared to Friday’s rate of 19.0718, according to data from the Bank of Mexico (Banxico), the movement represented a loss of 28.99 centavos, equivalent to 1.52 percent.
The dollar’s price fluctuated within a broad range, reaching a high of 19.4461 pesos and a low of 19.2781. The U.S. Dollar Index (DXY), from the Intercontinental Exchange, which measures the dollar against six major currencies, rose 0.19% to 100.91.
The National Electoral Institute (INE) confirmed last Friday, after the markets closed, that Morena, the ruling party, and its allies will indeed hold a significant majority in the upcoming Congress, paving the way for the approval of the reform.
Today, the exchange rate is experiencing upward fluctuations due to nervousness over the drafting process of the judicial reform, following confirmation of a supermajority for certain parties in the Chamber of Deputies. Over the weekend, Senator Ricardo Monreal of Morena stated that changes to the justice system would be debated in Congress starting this Sunday, when the next legislature begins its session.

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