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Money trees is the perfect place for shade

Peso value decreases, rainy season & free museums

Author

Rocio C
June 13, 2024

Welcome to the second edition of CDMX iykyk! 🤗

If you want to learn more about the story behind this newsletter, check out this intro post. 

My plan is to fine tune this resource in the coming weeks and months. And to do that, I need your feedback.

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Now, let’s dive in! 

TOP NEWS 
Rubi telenovela money

Legendary Mexican telenovela Rubi

The Mexican Peso Weakening Ahead of Controversial Judicial Reforms

The “super peso” has been roughing it since the elections – it plummeted to its lowest level on Wednesday (MX$18.99 per dollar) in over a year. 

Tell me more.

Global markets are jittery because they perceive greater risk in the country since MORENA's qualified majority in Congress paves the way for the approval of significant judicial reforms.

These constitutional changes, dubbed "Plan C," were first proposed by outgoing President Andrés Manuel López Obrador (AMLO) in February and President-elect Claudia Sheinbaum stated this week she intends to move forward with them. 

The plan involves replacing appointed Supreme Court with popularly elected judges – as well as for some lower courts – and eliminating certain regulatory agencies. Critics argue that these changes could tip the balance of power in Mexico, potentially weakening its democratic framework.

What does this mean?

The proposed reforms are spooking investors because they see it as a sign of uncertainty and a volatile environment to do business in Mexico. They are seeing red flags. This may affect the nearshoring trend (we’ll unpack this in a future edition) but it’s too early to tell.

What it means for those of us fortunate enough to earn in dollars / euros is that our money goes further. For those earning in pesos, they may feel the pinch of reduced purchasing power.

The $18.99 exchange rate represented a significant depreciation of over 10% compared to pre-election levels and a steep decline from its peak of $16.30 to the dollar in April. As of now, the peso is holding steady at $18.55 per dollar.

As the country braces for potential changes, the future of the peso remains uncertain amidst the turbulent waters of "Plan C."

☔️ Tlaloc, god of rain, heard the pleas! Mexico is forecasted to experience plentiful rainfall throughout June.

🎓 UNAM made the list again for the top 100 universities in the world. 

🐒 Sigh, we must protect the wildlife from the scorching heat wave.

🍵 Christian Nodal and Angela Aguilar wasted no time diving into romance waters after Nodal's breakup with baby momma Cazzu went public! 🙀 Here’s the scoop and timeline. 

🎺 Peso Pluma busted his foot mid-"IDGAF" performance at the Governors Ball, but hey, who cares? It's in the song title!

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CULTURE & HAPPENINGS
DID YOU KNOW? 

That CDMX was constructed atop the ancient Aztec city of Tenochtitlan, which itself was built on a lake?! Here’s a stunning 3D recreation of what that may have looked like. Hint: less pollution.

ODE TO MEX: RECS

This section showcases my love of Mexican art, films and music. Each week, I'll offer a handpicked recommendation to deepen your connection with this magical country and its people. 

Zoé, hailing from Cuernavaca, Morelos, is a Mexican rock band that boasts not only a Grammy Award but also multiple Latin Grammy Awards under their belt. Their music is likely a familiar sound in restaurants and various establishments. If you haven't had the pleasure of experiencing their tunes yet, treat yourself to a listen of their iconic 2011 MTV Unplugged album or delight in watching the star-studded performance that accompanies it.

CLASSIFIEDS

Welcome to our reel-y awesome corner, where memes reign supreme and giggles are guaranteed.

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Gracias!

– Rocio