The Mexican peso gained nearly 1% in its first session with Sheinbaum as president.
The local currency advanced, leading its main international peers, a day after Mexico’s first female president took office.
The Mexican peso closed Wednesday’s trading with gains against the U.S. dollar. The local currency rose, outperforming its main international peers, a day after Claudia Sheinbaum was sworn in as Mexico’s first female president.
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The exchange rate ended the day at 19.4162 pesos per dollar, based on the official data from Banco de México (Banxico). Compared to yesterday’s Reuters reference rate of 19.6034 pesos (no official close due to the holiday), the peso gained 18.72 cents, or 0.96%.
The dollar traded in a range with a high of 19.6680 pesos and a low of 19.3394. The U.S. Dollar Index (DXY) from the Intercontinental Exchange, which measures the dollar against six reference currencies, advanced 0.42% to 101.61.
Market sentiment was influenced by U.S. data showing private payrolls grew more than expected in September. Specifically, private employment added 143,000 jobs during the month, according to ADP data.
Analysts noted as a positive factor for the peso Sheinbaum’s first speech as president, in which she promised to maintain fiscal discipline, ensure Banxico’s autonomy, promote nearshoring, and provide certainty to investment. Many questions remain regarding the changes and governance style Sheinbaum will adopt, but for now, the transition does not seem to have raised significant concerns beyond those already present.
Meanwhile, a central bank survey showed the market expects the Mexican currency to end the year at 19.66 per dollar, marking a 1.26% decline from current levels. This projection is weaker compared to the 19.00 forecast in the previous survey.
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