Mexican peso against the dollar today
According to data from Bloomberg and Bank of Mexico (Banxico), the exchange rate suffered from the news of the dominance of the ruling party and reached its worst price against the US currency since December 11 of last year.
Until before the announcement by the president advisor of the National Electoral Institute (INE), Guadalupe Taddei, about the victory of Sheinbaum and Morena in the presidency and Congress, the peso was trading below 17 per dollar.
From that moment on, the Mexican currency began a decline of more than 2.9%, reaching 17.47 pesos per dollar, around 4:15 a.m. Central Time.
In recent weeks, the markets had discounted a victory for Sheinbaum in the presidency, with most polls marking a significant distance from the candidate of the Fuerza y Corazón por México coalition, Xóchitl Gálvez.
However, what was not expected was that Morena and its allies, the Green Party and the Labor Party, obtained a qualified majority in the Chamber of Deputies, which allows them to make constitutional modifications without the need to reach an agreement with the opposition.
In the Senate, Sheinbaum’s coalition was also approaching a qualified majority.
With this result, some of the plans least appreciated by the markets, such as the president’s Plan C, to elect the country’s judges by vote, could materialize.
