The Mexican Peso’s post-election sell-off gained fresh momentum on Friday on the back of comments from the outgoing President Andres Manuel Lopez Obrador (AMLO) during his daily morning press conference.
It was essential to push through reforms of the judiciary and dissolve autonomous bodies, like the INAI – the government’s transparency agency – because, in the words of AMLO, “The judicial power is hijacked, the service is taken over by a minority of those at the top. I have already said it here, and they know it very well. It is even shameful, but there are ministers who are like employees of large corporations,” according to El Financiero.
Inflation data, also out at the end of last week, was mixed, showing a rise in headline inflation to 4.69% YoY in May from 4.65% in April, but a fall in core inflation to 4.21% YoY from 4.37%.
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