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Mexican Peso Rebounds Following Judicial Reform Approval
(MENAFN- The Rio Times) The Mexican peso staged a remarkable recovery on Wednesday, closing below 20 units against the US dollar. This rebound occurred despite the Senate's approval of a controversial judicial reform.
According to the bank of Mexico , the currency closed at 19.7935 pesos per dollar in the interbank market. During the trading session, it reached a high of 19.9450 and a low of 19.7490 pesos per dollar.
This closing represents a significant improvement from the previous day when the peso touched 20.0911 per dollar, its weakest level in nearly two years. Recent volatility is attributed to uncertainty surrounding the judicial refor proposal.
Grupo Financiero Monex forecasts the peso will oscillate between 19.73 and 19.90 per dollar in the short term. This estimate reflects persistent speculation around the Mexican currency.
In the early hours of Wednesday, the Senate finally approved the judicial reform championed by President Andrés Manuel López Obrador. This decision marks the end of his administration, which concludes this month.
It's worth noting that the Mexican peso had been experiencing a period of exceptional strength. In late May, it was trading at 16.9682 per dollar, earning it the nickname "superpeso" from the government.
The recent volatility began after the June 2 elections, which resulted in victory for Claudia Sheinbaum, the ruling party candidate who will take office in October.
This peso fluctuation reflects the complex interaction between politics and economics in Mexico. Financial markets are closely watching how proposed reforms might affect the country's long-term economic stability.
According to the bank of Mexico , the currency closed at 19.7935 pesos per dollar in the interbank market. During the trading session, it reached a high of 19.9450 and a low of 19.7490 pesos per dollar.
This closing represents a significant improvement from the previous day when the peso touched 20.0911 per dollar, its weakest level in nearly two years. Recent volatility is attributed to uncertainty surrounding the judicial refor proposal.
Grupo Financiero Monex forecasts the peso will oscillate between 19.73 and 19.90 per dollar in the short term. This estimate reflects persistent speculation around the Mexican currency.
In the early hours of Wednesday, the Senate finally approved the judicial reform championed by President Andrés Manuel López Obrador. This decision marks the end of his administration, which concludes this month.
It's worth noting that the Mexican peso had been experiencing a period of exceptional strength. In late May, it was trading at 16.9682 per dollar, earning it the nickname "superpeso" from the government.
The recent volatility began after the June 2 elections, which resulted in victory for Claudia Sheinbaum, the ruling party candidate who will take office in October.
This peso fluctuation reflects the complex interaction between politics and economics in Mexico. Financial markets are closely watching how proposed reforms might affect the country's long-term economic stability.
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