# Mexican peso, stocks tumble on fears of ruling coalition super-majority in Congress

> Mexican stocks fell over 6% on June 3 and the peso closed at its weakest against the dollar since November after the ruling party's strong election result raised expectations of a congressional super-majority. Markets fear this could bring constitutional change and weaker checks and balances.

- Date: 2024-06-03 · published 2024-06-03T12:00:00.000Z
- Category: macro · region Mexico · magnitude medium
- Page: https://feedsoft.ai/events/29996-mexican-peso-stocks-tumble-on-fears-of-ruling-coalition-super-majority-in
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md)

## Why it matters

A weaker peso raises the local cost of imported feed ingredients and makes Mexican buyers of US corn and soymeal less price-competitive, which can weigh on US export demand.

## Read by commodity

- USDMXN: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/mexico-peso-drops-nearly-3-sheinbaum-landslide-raises-reform-worry-2024-06-03/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.