Mexico peso surges, lifted by Lopez Obrador comments

04 July, 2018, 18:14 | Author: Brooke Harris
  • Lopez Obrador is leading in the polls

On the heels of a resounding victory, Mexico's new president Andres Manuel Lopez Obrador has pledged that his economic team will "study" excessive labor costs, corruption and investments at state-owned oil giant Petroleos Mexicanos (PEMEX).

We also must wait and see what type of relationship the United State and Mexico will eventually have with Trump and AMLO as their presidents.

Lopez Obrador, a left-leaning former mayor of Mexico City, is not telling Mexicans anything most don't already believe when he says that strategy has been a failure.

Lopez Obrador surged to victory on promises to help the poor and reform corruption in the country, as well as brandishing fiery nationalist rhetoric, famously promising that Mexico would not be the "pinata" of any foreign government. Lopez Obrador also spoke of support for migrants and said the most forgotten and humble people of Mexico will be given preference in his government.

Lopez Obrador's victory was expected by many to further worsen Mexico's already frosty relations with the US, whose president, Donald Trump, has slammed the country over illegal migration and pressured it to pay for a border wall.

"I am concerned that some candidates are making proposals that are impossible, because they're very expensive to carry out", said Juan Carlos Limas, 26, an Anaya supporter. "There is much to be done that will benefit both the United States and Mexico!"

Mexico's Andres Manuel Lopez Obrador is on the cusp of winning the presidency after the second of his two main rivals conceded defeat ahead of official results.

Gustavo Felix, 56, said he had only hoped Lopez Obrador's coalition - led by his party, Morena - would not win a majority in Congress. The nationalistic approach of the 20th century gave way to servile policies that readily responded to any whims of the US State Department.

"We are never going to disrespect the USA government, because we want them to respect us", Lopez Obrador said".

Supporters of Lopez-Obrador celebrated wildly in Mexico City.

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The issue would then come down to timing, with the current Mexican government still in place until December 1.

The victor of Sunday's presidential election doesn't need an absolute majority of the votes, just the most votes among the four candidates.

"Lopez Obrador said he would "seek to establish an authentic democracy and we do not intend to establish a dictatorship".

"The news of the call between Trump and Amlo yesterday afternoon and the comments made about economic policy may have given the market some peace", said Jesus Lopez, an analyst at Banco Base in Monterrey.

Lopez Obrador calls them both part of the same "mafia of power", a message that resonated with many people - even if he has been vague on what the change he promises will look like. The talks have been stalled over the Trump administration demands for higher US content and a "sunset clause" in the 1994 trade agreement.

A win for the conservative National Action Party is predicted in the central highland state of Guanajuato.

His plan to travel without armed guards has sparked worry in some quarters about his safety on the heels of Mexico's deadliest year since modern records began.

"We will only be able to create better conditions for development for everyone if we get personally involved in the improvement of our municipalities, states and the entire Mexican Republic", they said.

Indeed, AMLO has said a lot of things that Mexicans have wanted to hear for a long time.

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