MEXICO CITY (EFE).— The peso rose yesterday to become the second most appreciated currency intraday against the US dollar after the announcement of six members of the cabinet of the next president of Mexico, Claudia Sheinbaum, including the Secretary of Economy.
The Mexican currency started the session at 18.4 pesos per dollar, reached a low of 18.26 after the announcement and stabilized at 18.37 units per greenback at the close of the day, recording an appreciation of 0.44% compared to the previous 18.45, according to data from the Bank of Mexico (Banxico).
In the global comparison, the peso was one of the currencies that appreciated the most against the dollar, although it remains one of those that has fallen the most.
Even with this advance, the peso was 8.2% below the 16.97 per dollar recorded at the end of 2023 and before the overwhelming victory of the ruling party in the historic elections of June 2, which generated a drop of more than 4.4% in the exchange rate the following day.
In yesterday’s results, the announcement of former Foreign Minister Marcelo Ebrard as the new head of the Ministry of Economy played a key role, as he will be the future person responsible for economic and industrial policy and for the revision of the Mexico-United States-Canada Agreement (T-MEC) in 2026.
“The market reacted positively to the appointments, especially that of Marcelo Ebrard as the next Secretary of the Economy and that of Juan Ramón de la Fuente as Secretary of Foreign Affairs,” said Gabriela Siller, Director of Economic and Financial Analysis at Banco Base.
In addition, the expert emphasized that Ebrard will be in charge of leading the review of the T-MEC and, together with the next head of Foreign Affairs, they should take advantage of the phenomenon of the relocation of manufacturing to the country or “nearshoring.”
The specialist also considered it necessary for the future administration to promote an office to promote Mexico abroad and to attract more foreign direct investment.
In this regard, the coordinator of the Laboratory for Analysis in Commerce, Economy and Business (Lacen) of the National Autonomous University of Mexico (UNAM), José Ignacio Martínez, indicated that Ebrard will have to deal with the external trade relationship, especially with the United States.
It will also need to strengthen the domestic market and make nearshoring investments a reality.
For Jorge Gordillo, Director of Economic and Stock Market Analysis at CIBanco, “the market’s interpretation of Sheinbaum’s cabinet is that they are officials who have broad technical and political capacity.”
Pleased with the appointment
The private sector welcomed the appointment of the first six members of the cabinet, especially Marcelo Ebrard as the next Secretary of Economy.
On the one hand, the Confederation of Industrial Chambers (Concamin) celebrated the appointment because it said: “We are very excited because the industrialists of the country know the capacity and commitment of Marcelo Ebrard, who we are sure will continue the work of the current secretary, Raquel Buenrostro.”
Concamin President Alejandro Malagón congratulated all the members appointed by the virtual president-elect. He trusted in “the capacity, professionalism and commitment of the future officials” and added that they are ready to work with the next government.
The head of Concamin added that “with the recent appointments to the cabinet and joint work, the objectives of achieving prosperity, development and well-being can be achieved.”
Finally, the National Agricultural Council (CNA) recognized the appointment of the first six officials of the presidential cabinet for “the career and experience of each of the appointed officials.”
She added: “We express our willingness to work closely and in a coordinated manner with them, for the benefit of agricultural development and food security in our country.” “The CNA is optimistic about the creation of this type of work and is confident that its management will contribute significantly to strengthening the Mexican countryside and the well-being of all Mexicans.” After learning that the Secretary of Agriculture and Rural Development will be Julio Berdegué Sacristán, the CNA said that if the private sector and the government work together, a more productive, sustainable and inclusive countryside will be promoted, so that the country’s food security is guaranteed. In the morning, the virtual president-elect, Claudia Sheinbaum, announced that the legal advisor will be Ernestina Godoy; the Secretary of Foreign Relations, Juan Ramón de la Fuente; the Secretary of Science, Humanities, Technology and Innovation, Rosaura Ruíz; the Secretary of Environment and Natural Resources, Alicia Bárcena; the Secretary of Economy, Marcelo Ebrard and the Secretary of Agriculture and Rural Development, Julio Berdegué Sacristán. For the National Chamber of the Transformation Industry (Canacintra) he said that he recognizes the experience of those appointed and added that “Ebrard Casaubón, knows the international scenario deeply and we are sure that he will worthily carry out the task conferred on him in favor of industrial development, and the attraction of investments in a more dynamic and competitive globalized environment.” For his part, De la Fuente Ramírez has the credentials to promote the principles of foreign policy; Bárcena Ibarra has a solid environmental background and a deep knowledge of global strategies and international agreements on environmental matters. Berdegué Sacristán “is a reference in global agriculture, this being one of the priority transformation activities for Mexico.” Meanwhile, Ruíz Gutiérrez knows the current system of promoting science, technology and innovation deeply, said Canacintra.
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2024-07-05 03:30:09