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Market Update: Mexican Peso Firms at 5-Month High
The Mexican peso consolidated gains around 19.7 against the greenback towards mid-June, a level not seen since January 20th of this year, as traders digested a reshuffle at the central banks leadership and inflation data from the US. Concerns about an early tightening of the Feds monetary policy were eased after Mays rise in annual inflation wasnt high enough to trigger alarms. Meanwhile, President Obrador appointed Mexicos Finance Minister as the new Governor of the central bank, which might result in a more dovish Bank of Mexico. At the same time, the economist Rogelio Ramirez, a close ally of the Mexican President, was assigned the briefcase of the countrys Finance Ministry. Finally, the peso continued to be supported by the results of the midterm elections for the Lower House of the Mexican Congress, from which the Morena-led coalition lost the seats needed to easily pass statist reforms, easing concerns about constitutional changes in the energy sector. [/s2If]
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