The Mexican peso climbed during this week as risk appetite rose in international trading markets increasing attractiveness for emergent markets assets, but today, after the opposition party attitude towards new taxes, the peso declined.
Mexico’s President Felipe Calderon is struggling to pass a new series of laws in the country that would increase tax on foods and medicines, as a part of the fiscal reform to reestablish the country’s budget. The opposition party affirmed that such measures will not find enough votes to be approved, affecting the Mexican currency performance today.
USD/MXN traded at 13.33 as of 22:03 GMT from a closing rate of 13.37 yesterday.
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