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USDMXN: Peso Falls as Mexico's Finance Minister Suddenly Resigns

USDMXN: Peso Falls as Mexico's Finance Minister Suddenly Resigns

2019-07-09 17:57:00
Thomas Westwater, Contributor
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Finance Minister Urzua Resignation- Talking Points

  • Peso sinks nearly 2 percent on the news of Urzua’s resignation
  • A highly critical resignation letter was posted to Urzua’s twitter, mentioning that policy decision were being made “without sufficient foundation”
  • President AMLO announces Deputy Finance Minister Herrera to replace Urzua as Minister of Finance

USDMXN ripped higher today as Mexico’s Minister of Finance unexpectedly resigned. Carlos Urzua, who took the post in December of last year, tweeted out his resignation letter today. The statement addressed President Andreas Manuel Lopez Obrardor and was highly critical of his administration. Urzua highlighted discrepancies regarding economic matters, adding that policy decisions should be based in fact and free from political extremism.

USDMXN

President AMLO made a statement shortly after Urzua’s resignation saying that “Urzua is not in agreement with the governments decisions” and nominated his Deputy Finance Minister Herrera to replace Urzua. The announcement parried further loses in the Peso with USDMXN moving back down to 19.15 from 19.35.

Mexico’s stock market also took a hit with the IPC Index sliding over 1 percent from 43,500 to 42,817 before attempting to make a small recovery. Urzua’s departure doesn’t seem to put the recent USMCA trade deal at risk, but does highlight concerns about policy decision making in AMLO’s administration. The sudden departure could add more volatility to the world’s most traded emerging market currency pair in the midst of a recent GDP downgrade by Banxico – Mexico’s central bank – back in May.

--Written by Thomas Westwater, Intern Analyst for DailyFX.com

Contact and follow Thomas on Twitter @FxWestwater

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