Mexican Peso on the backfoot following last week near 4% appreciation.
President AMLO signs the judicial reform into law, officially enacted as of Sunday.
Fed rate cut expectations rise, with a 61% chance of a 50 bps cut on Wednesday, as investors await key US Retail Sales data.
The Mexican Peso retreats moderately against the Greenback during Monday’s session amid thin trading due to Mexico’s closed local markets in observance of Independence Day. At the time of writing, the USD/MXN trades at 19.24, with gains of 0.35%.
The stock market mood is mixed on Wall Street and weighed on the Mexican currency, which appreciated close to 4% last week. A light economic docket in Mexico will feature the release of Aggregate Demand and Private Spending data for the second quarter of 2024 on Wednesday.
In the meantime, President Andres Manuel Lopez Obrador (AMLO) signed into law the Judicial reform, “took effect on Sunday after the text of the constitutional changes was published in the government gazette,” according to Reuters.
Across the north of the border, the US Dollar remains weak as investors brace for the first Federal Reserve (Fed) interest rate cut on Wednesday. Expectations that the Fed would go big with its first rate cut grew during Monday’s session after a news article of Fed whisperer Nick Timiraous hinted at the Fed’s dilemma of starting big or small.
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