The dollar strengthened once more once morest the peso following Morena and its allies announced that they will make constitutional reforms due to their dominance in Congress. The markets reacted to the news, causing a depreciation of the peso once morest the US currency, which today, June 7, was quoted above 18 pesos.
The strong depreciation movement occurred immediately following Ignacio Mier Velasco, member of Morena and coordinator of the party’s deputies, announced that pending reform initiatives will be discussed in September.
He exchange rate closed the day at 17.8881 units per dollar. Compared to the closing of 17.5329 units yesterday, according to official data from the Bank of Mexico (Banxico), lost 35.52 cents, which is equivalent to a depreciation of 2.03 percent.
He price of the dollar moved following the news to a high of 18.0123 pesos from a low of 17.4459 pesos. Dollar Index (DXY), of the Intercontinental Exchange, which measures the greenback with six references, lost 0.14% to 104.12 points.
The 15-minute chart from Investing.com shows the volatility to which the Mexican currency has been exposed, which at midday yesterday was trading between $17.50 and $17.60 pesos per dollar.
![Dollar price today, June 7, 2024; depreciates after Morena announcement Dollar price today, June 7, 2024; depreciates after Morena announcement](https://i0.wp.com/newspack-yucatan.s3.amazonaws.com/uploads/2024/06/Investing-1024x697.png?resize=780%2C531&ssl=1)
The exchange rate in the Major banks in Mexico This Friday is the following:
![](https://i0.wp.com/newspack-yucatan.s3.amazonaws.com/uploads/2024/06/1.png?resize=780%2C716&ssl=1)
![](https://i0.wp.com/newspack-yucatan.s3.amazonaws.com/uploads/2024/06/1.png?resize=780%2C716&ssl=1)
Reactions on social networks
The peso continues to lose ground once morest the dollar. Today’s depreciation is due to risk aversion in Mexico and the recently published US employment data. pic.twitter.com/6EQ8tSCi5L
— Gabriela Siller Pagaza (@GabySillerP) June 7, 2024
Attention! The Mexican peso has become the MOST DEPRECIATED currency IN THE WORLD for the second day following the fearsome reforms announced by the new government. In a matter of hours, it has already devalued by 3%. The dollar is starting to sell for over 18 pesos. Hold on tight. pic.twitter.com/ynagouCuJ2
— Agustín Antonetti (@agusantonetti) June 6, 2024
They never asked us to put our country into debt for 2.2 billion pesos
But Alta Gracia Gomez Sierra, advisor to Claudia Sheinbaum, says that it is something that we all accept as Mexicans.
They are going to make you pay for something that you did not spend. How cynical.
We can’t allow it pic.twitter.com/V5mB2DSsKx
— Xochitl Presidenta (@Xochitl_2024) June 7, 2024
The problems between Claudia and Andrés have already begun
Claudia has not even been sworn in and her team is already turning Andrés Manuel on his head. It is Altagracia Gómez who is proving what we already knew: Andrés has contracted the largest amount of debt in recent years.
He presumed that… pic.twitter.com/QC2c3dvzYz
— Neoliberalover (@neoliberalover) June 7, 2024
Related
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2024-07-12 01:17:46