There seems to be something missing from this election cycle in Mexico: a new president will be elected on June 2 and political risk seems strangely absent from the economic – and financial – conversation.
The Mexican peso’s value to the dollar isn’t showing any signs of stress. In fact, the peso has been strengthening since April, and towards the bottom of its decade-long trading range.
When Euromoney spoke to senior bankers in Mexico recently it was the longer-term, structural drivers of Mexican growth – and, crucially, its outperformance when compared with other emerging markets – that dominated the conversation.
This was certainly the case when we spoke with Jorge Arce, chief executive of HSBC Mexico.
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