USD/MXN: Sheinbaum Era Begins

Mexico makes history today as Claudia Sheinbaum becomes the country’s first female president. With nearly 35.5 million votes—representing close to 60% of the electorate—Sheinbaum secured more votes than any president in Mexican history.

Since the election, the Mexican peso has declined by around 13%. Recent price action has moved sideways as markets assess Sheinbaum's economic policies.

However, traders anticipating a sharper selloff in USD/MXN may need to wait, as the pair potentially remains upwardly biased with the 20 Day and 50 Day EMA outlining possibly areas of support.