The Mexican peso starts September under pressure due to concerns about judicial reform
The House of Representatives is set to begin discussions tomorrow, Tuesday, on proposed changes to the judicial system.
The Mexican peso experienced a slight depreciation on the first trading day of September, driven by concerns over the controversial judicial reform that may soon be approved following the start of the new Legislative session.
The exchange rate closed the day at 19.7944 pesos per dollar. Compared to Friday’s official closing of 19.7027, as reported by the Bank of Mexico (Banxico), this movement represents a loss of 9.17 centavos or 0.47% for the peso. The dollar’s price fluctuated within a range, reaching a high of 19.8306 pesos and a low of 19.6219 pesos.
Meanwhile, the Dollar Index (DXY) of the Intercontinental Exchange, which compares the U.S. currency against six major peers, slipped by 0.05% to 101.65 points.
The House of Representatives is set to begin discussions tomorrow, Tuesday, on proposed changes to the judicial system, which, among other modifications, suggest the popular election of judges, magistrates, and Supreme Court justices. These changes are expected to advance smoothly.
After the June elections, Morena and its allies secured a solid majority in both chambers. Investors are concerned that this advantage could enable the government to modify the law, potentially strengthening its position against other checks and balances. The Mexican peso’s movement reflects investor caution as they await the progress of the judicial reform discussions in Congress this week.
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