Reported 6 months ago
Mexico's peso plummeted after the ruling party leader in the lower house announced intentions to pass President Andres Manuel Lopez Obrador's proposed reforms that might increase government power. The prospect of reforms before President-elect Claudia Sheinbaum takes office in October led to the peso dropping nearly 3% to 18 per dollar, the worst among major currencies. Investors' concerns about potential reforms and the removal of checks on the ruling party's authority caused shockwaves in Mexican assets, with the peso losing over 5% post-election.
Source: YAHOO