Former mayor of Mexico, Claudia Sheinbaum, won the Mexican presidential election in a landslide, as per the preliminary results.

She is the first female president. She is expected to continue the political line of her predecessor, President López Obrador.

However, the ruling party has won too much and it seems likely that it will have the 2/3 majority needed to make constitutional changes without the support of the opposition.

If they were to make constitutional changes that would violate the independence of the judiciary, that would be a ‘worst case scenario’ and would be negative for the Mexican peso.

Already, the Mexican peso has fallen sharply immediately after the election results were announced. In the past, this has usually been a good time to buy the peso. It seems likely that this will be the case this time as well, but we will have to keep a close eye on the future developments