MEXICAN PESO GETS A LIFT FROM CABINET APPOINTMENTS
- The Mexican Peso finds support after investors welcome incoming-President Sheinbaum’s cabinet picks.
- Marcelo Luis Ebrard Casaubón will take the Economy portfolio.
- High interest rates and a low probability of an interest-rate cut in June keep the Peso supported, analysts say.
The Mexican Peso (MXN) continues recovering on Friday on the back of optimism regarding incoming-President Claudia Sheinbaum’s top cabinet picks and the expectations that higher interest rates in Mexico will continue attracting foreign capital to its shores.
As a currency that tends to rise during periods of risk-on, however, the Peso’s gains are capped by an overall subdued market mood. US stock indexes closed lower on Thursday as the rally in tech fizzled out after higher US Jobless Claims stoked labor market concerns. Asian bourses traded mixed into Friday, with the Shanghai Composite posting its sixth weekly decline on uneven Chinese economic data
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