The Mexican peso depreciated on Tuesday due to a global strengthening of the dollar and due to the caution of investors who adjusted positions in anticipation of the start of the day of the Congress debates controversial reform of the judiciary.
The domestic currency MXN= was trading at 19.8390 per dollar, down 0.14 percent from Monday’s Reuters reference price of 19.8120 units.
Official deputies await approve the reform in general on Tuesday and do the same with the reserved articles on Wednesday, to later send it to the Senate, where the ruling party and allies also have a large majority.
The changes to the justice system, which among other things raise the popular election of judges and ministers of the Supreme Courtare viewed with concern by investors who fear that weaken one of the counterweights of presidential power, damaging the business climate in the Latin American country.
Until a few months ago, The Mexican peso stood out as one of the strongest currencies against the dollarbut since the June elections, when the overwhelming official victory opened the door to the approval of the reforma rapid weakening began.
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Since then, it has fallen by 17 percent, making it one of the currencies with the worst performance against the dollar so far this year.