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HomeWorldMexico’s peso plunges after ruling party announces far reaching reforms, CWEB analysts...

Mexico’s peso plunges after ruling party announces far reaching reforms, CWEB analysts analyze fall

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A money bill looking like a declining graph with an downward pointing arrow symbolizing economic relationships.

Mexico’s peso tumbled after the leader of the ruling party said that the reforms proposed by former President Andres Manuel Lopez Obrador would be implemented. The new government favors the reforms expected to remove checks on the government.

President-elect Claudia Sheinbaum is expected to take office in October. Investors are concerned about the proposed reforms as the economy might see interference from the state, as the reforms would remove current checks on the government and more.

Money managers have rushed to remove their assets in Mexican pesos after the new government has seemingly endorsed the reforms proposed by the earlier one.

CWEB analysts believe that speculative traders have accumulated many pesos and are withdrawing from the market to stop their losses.

OrganicGreek.com

Pesos have been a favorite currency of carry traders, and the peso was at the top of the market before the election. The clean sweep of the lower house, with over two-thirds of a majority in the lower house and slightly less than two-thirds in the Senate, has given the Morena party and its allies the strength in numbers to pass reforms.

Some Mexican experts are worried that the new government could take more radical steps due to the weak opposition.

If Congress decides to pass other reforms, the peso will not be the only fallout. A bill wants to replace the Supreme Court with elected justices, overhaul electoral laws, and remove autonomous regulators.

These reforms will affect the entire nation. Not only will the peso fall, but more power will be concentrated on the government. According to analysts from CWEB, this could deeply affect investor sentiments in Mexico and the peso’s value.

XMicro.com

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