Mexican Peso / Heat Wave

Mexican Peso. President Andrés Manuel López Obrador celebrated that the Mexican currency is trading at MX$17.37 per dollar. "The peso is very strong. There are external elements, but the peso is very strong."

Recently, the Ministry of Finance and Public Credit (SHCP) stated that the Mexican economy is recovering at a significant level and that the Mexican peso is the second-best performing currency in the world. In 2022, the country's economic growth was favorable. 2Q22 was the best-performing quarter, with growth of 1.2% and cumulative GDP growth of 3%. Mexico’s economic activity recovered to significant levels, mainly because tourism increased by 45% compared to 2021. The peso’s appreciation is also due to external factors such as the US Federal Reserve and the strengthening of oil prices, which have allowed several emerging countries to report significant gains. 

Mexico City Major. López Obrador applauds the appointment of the Mexico City Minister of Government, Martí Batres, as the new Mexico City Mayor. "Martí is an honest man, a man with principles, with ideals. He comes from a family that has always fought for justice. He also has a lot of experience.”

Mexico City Mayor Claudia Sheinbaum announced that she will resign from her post on June 16 to compete in MORENA’s internal poll to determine the party candidate for the presidential race in 2024. Before leaving her post, Sheinbaum will provide a report on the actions achieved during her government and those in progress.  After Sheinbaum’s exit, Batres will take the reins of the capital's government. 

Heat Wave. López Obrador assured that there are no new deaths related to the heat wave in Mexico and that the government is carrying out an information campaign to protect Mexicans. "An information campaign is being carried out. Civil Protection is acting. Recommendations are being given."

Authorities announced that the current heat wave has caused temperatures above 45 degrees in 22 states, while in the rest of the country maximum temperatures of 35 degrees are being felt. The National Water Commission pointed out that this is an uncommon phenomenon for this time of the year. However, it emphasized that it will affect the whole country. It was recently reported that extreme temperatures caused the death of a 78 year old woman in Hermosillo, Sonora.