• The Mexican Peso falls 0.57% for the week, pressured by upcoming Q3 GDP data, expected to show economic deceleration.
• Political turmoil deepens as eight Supreme Court Judges plan resignations, leaving only three linked to ruling party Morena.
• Fears of Trump’s victory in the US election weighed on the Mexican currency.

The Mexican Peso remains on the defensive against the Greenback, extending its losses for three consecutive days as market participants await crucial economic data in Mexico. The release of mixed data in the United States (US), weakened the Mexican currency, which accumulates so far, losses of 0.57% in the week. The USD/MXN trades at 20.07, up 0.20% on Tuesday.

Mexico’s economic docket remains absent, yet it will gather traction on Wednesday. The Instituto Nacional de Estadistica Geografia e Informatica (INEGI) would reveal Q3 2024 Gross Domestic Product (GDP) figures, which are expected to show the economy is decelerating sharply, below the Minister of Finance’s goal of 2.4%. GDP is expected to rise 0.8% QoQ above Q2’s reading of 0.2%, though the annual basis is expected to dip from 2.1% to 1.2%.

In the meantime, domestic issues linked to politics and the controversial judicial reform continued to grab the headlines. According to El Financiero, eight of the eleven current Supreme Court Judges would submit their resignations, effective until the end of August 2025.

Magistrate Juan Jose Olvera said, “The message is that they will decline to go to the election and will leave the spaces free for the people to decide.” He added that the three Supreme Court Judges remaining would be Lenia Batres, Yasmin Esquivel, and Loretta Ortiz, who are linked to the ruling party Morena.

In the meantime, Supreme Court Judge Alfredo Gutierrez Ortiz Mena submitted its resignation to the Senate, stating, “I do not consider myself a suitable candidate for a position that depends on popular support… the function is not to validate the will of the majority, but to safeguard rights.”