Ella 
The Mexican peso weakened on news that Claudia Sheinbaum won Mexico’s presidential election.
Analysts say Sheinbaum is likely to be more “disciplined” than her predecessor but continue her generous welfare programs.
Economists say her plan to raise the minimum wage could boost economic growth and consumer spending but could stoke inflation.
The Mexican peso (MXN) fell against major currency pairs on Monday following news that Claudia Sheinbaum will win Mexico’s presidential election with a clear majority. Sheinbaum is expected to carry on the legacy of her predecessor, mentor and fellow Morena party member Andrés Manuel López Obrador.
Asian stocks were mostly positive, maintaining the good momentum from last weekend’s U.S. stocks. China’s Caixin Manufacturing Purchasing Managers’ Index (PMI) data for May, released on Monday, beat expectations and showed further expansion in the manufacturing sector. Despite the MXN’s decline, positive market sentiment supported the Mexican peso overall.
At press time, USD/MXN was trading at 17.05, EUR/MXN at 18.51, and GBP/MXN at 21.71.
