Mexican Peso breaks the 20-per-dollar barrier
Mexican Peso Breaks the 20-per-Dollar Barrier
By Yucatan Times | September 5, 2024
On Wednesday, September 4th, the Mexican peso traded at 20.1090 per dollar, reflecting a decrease of 0.92% from the prior day's Reuters reference price.
On Thursday, the peso continued to depreciate, driven by ongoing fears regarding the contentious judicial reform being addressed in Congress, as investors assessed the latest labor market data from the United States.
The peso peaked at 20.1520, a level not recorded since October 2022, before settling at 20.1090. This comes as private sector hiring growth in the U.S. fell to its lowest in three and a half years, although unemployment claims decreased more than anticipated last week.
Looking ahead, the Senate is expected to deliberate on the proposed changes to the justice system next week, following the Chamber of Deputies' approval of the constitutional reform.
Source: The Yucatan Times
