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Peso and Mexican Stock Exchange react to possible candidacy of Meade to Mexico’s Presidency

By: Dr. Alejandro Díaz-Bautista, economist (PhD)

The Mexican currency remains in the face of a global fall in the dollar, and after confirming the resignation of Finance Secretary Jose Antonio Meade, who minutes later announced he will register as a pre-candidate for the Presidency of Mexico for the PRI party.

“The markets reacted positively with little volatility in Baja California and for all of Mexico due to the announcement of Dr. Meade as PRI’s candidate for the Presidency of Mexico in 2018,” said Dr. Alejandro Díaz-Bautista, an economist and national researcher at the Conacyt as well as research professor at El Colegio de la Frontera Norte (El Colef).

Economic variables such as the Mexican peso and the stock market reacted to the resignation announcement of José Antonio Meade as head of the Treasury and his aspiration to the presidential candidacy with the PRI for 2018.

The Aztec currency depreciated very slightly last Monday in November, in a day of slight ups and downs and movement of low volatility of the dollar after confirming that Meade will leave the position at the forefront of Mexico’s public finances and prepare for the presidential race in Mexico to 2018.

At the closing of the day of Monday 27 the peso traded at 18.59 units per dollar with losses of only 0.13 percent compared to its price on Friday.

José Antonio Meade announced his intention to subscribe as a presidential candidate for the Institutional Revolutionary Party (PRI) and in his first speeches to laborers and farm workers reiterated his intention to continue with Mexico’s progress and boost the country’s growth and development.

José Antonio Meade, who has held several portfolios in the last two presidential administrations, announced today that he will seek the candidacy of the ruling PRI for the presidential elections of 2018.

In an event held at the National Palace, Meade confirmed his aspirations after he presented his resignation as finance secretary in a previous ceremony held at the residence of Los Pinos and in which President Enrique Peña Nieto praised his long career.

Meade said that he is going to present his registration as a candidate to the Presidency for the Institutional Revolutionary Party (PRI) after 20 years of serving his country in an “uninterrupted way”, which sparked a great ovation from those attending the event in which he transferred his position to the new finance minister, José Antonio González.

Andrés Manuel López Obrador (AMLO) considered that José Antonio Meade’s announcement seeking the presidential candidacy is not a surprise, since he had already predicted it since June 2017.

Among the independent candidates, known are Jaime Rodríguez “El Bronco”, Margarita Zavala and Senator Armando Ríos Piter.

 

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