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Sheinbaum’s Cabinet Announcement: Peso Appreciates 

- June 20, 2024

The market reacted positively to the announcement of the first six secretaries that Claudia Sheinbaum will have during her administration. 

 During the announcement, the exchange rate showed an appreciation of the peso by 0.44%, reaching a trading value of 18.3227 pesos per dollar from today’s highest point of 18.4040 pesos, according to Investing.com data. 

After the announcement, the Mexican currency was trading around 18.33 pesos per unit. “What called the attention the most, and was a positive surprise, was Marcelo Ebrard in the Ministry of Economy,” commented Gabriela Siller, director of economic analysis at Banco Base. “He will oversee the USMCA review and, along with the Ministry of Foreign Affairs (SRE), try to take advantage of nearshoring.  

It would be good if in this six-year term an office like ProMéxico were established again to promote Mexico abroad and bring more foreign direct investment to our country,” added Siller.  

In addition to Ebrard, Claudia Sheinbaum announced that Juan Ramón de la Fuente will be at the head of the SRE, Rosaura Ruiz will be the secretary of Science, Humanities, and Innovation, Alicia Bárcena will be in charge of the Ministry of Environment and Natural Resources, Julio Berdegué will remain in Agriculture and Rural Development, and Ernestina Godoy will be the legal advisor. Claudia Sheinbaum’s administration will begin on October 1st

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