This Tuesday, September 10, the Mexican peso experiences a significant depreciation at the beginning of the day, trading around 20.04 pesos per dollarrepresenting a drop of 0.79% or 15.7 cents.
This descent places the Mexican peso as the most depreciated currency of the day against the dollarranging from a minimum of 19.8767 to a maximum of 20.0464 pesos per US currency, according to exchange market reports.
Gabriela Siller, an analyst at Banco Base, attributes this weight volatility mainly due to the growing political uncertaintyin Mexico, linked to expectations of approval of a reform of the judiciary. It is so that the price of the dollar is increasingly “more expensive” in its exchange rate with the Mexican peso.
This reform, which is currently being debated in the Senatehas increased the pressure on the currency, leading it to trade at around 20.0 pesos per dollar at times. Some analysts have pointed out that the price of the dollar could reach 22 pesos if the judicial reform is approved.
Political factors
He political context in Mexico It is particularly tense, with the possible vote of the judicial reform scheduled for this Tuesday.
The President of the Senate, Gerardo Fernández Noroña, has indicated that two plenary sessions could be held: one to present the opinion of the reform already approved in committees and another for discussion and final vote.
This situation is aggravated by the absence and speculation surrounding Senator Miguel Ángel Yunes of Veracruz, whose vote could be decisive for the approval of the reform.
Global markets
On the international level, the peso is not the only currency facing challenges. Other Latin American currencies are also showing considerable depreciations: the Colombian peso With 0.70%, the Chilean with 0.40% and the Brazilian real with 0.27%. In addition, currencies from other regions such as the Russian rublehe Taiwanese dollarhe Polish Zloty and the Czech crown record minor declines.
The global environment is equally affected by significant political events, such as the upcoming one. US presidential debate between Donald Trump and Kamala Harriswhich adds uncertainty to the international financial market.
Meanwhile, investors are also keeping an eye on the US monetary policies, especially in anticipation of the release of inflation data next Wednesday, which could influence the Federal Reserve’s next decision on interest rates.
It is anticipated that The Fed could opt for a 25 basis point cut at its next meeting on September 18, which could have further repercussions on currency markets.
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