USDMXN: Peso Falls as Mexico’s Finance Minister Suddenly Resigns

USDMXN: Peso Falls as Mexico’s Finance Minister Suddenly Resigns

The reason for its judgment, Ursua called differences with the current leadership of the country in matters of economic policy.

The Mexican peso fell over 2% on the news and the benchmark stock index slid nearly 1.5%. "It's been the fault of influential people from the government, in the case of which an obvious conflict of interest", said Ursua. Herrera is well known to investors and seen as a competent economic manager.

"(Herrera) is a well-known figure with good dialogue with market participants and is not perceived as a. dogmatic individual", said Alberto Ramos, head of Latin American research at Goldman Sachs.

Mexico would not stray from a commitment to run a primary budget surplus of 1 percent set by former minister Carlos Urzua and would probably set a similar target for next year, Herrera said. "Some of them happened because in this administration public policy decisions were made without sufficient foundation", Urzua wrote in a scathing letter posted on Twitter.

Before the government took office on December 1, Urzua was tasked with meeting with dozens of investment funds to convey that the government was center-left, rather than leftist.

Lopez Obrador tried to downplay Urzua's resignation, saying it was normal for there to be differences within a government that was pushing big changes in the economy and that other resignations were possible.

Urzua also worked with Lopez Obrador from 2000 to 2003 when he was Mexico City mayor.

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