Iberoamerican news: Mexican peso sinks, Petro calls for mobilizations in Colombia, and Feijóo fails to be elected as PM in Spain

Mexico: the peso reaches its lowest level since May

As of Thursday, September 28, the Mexican peso has lost almost 3% of its value against the dollar in just three days. The currency is trading at 17.72 pesos per U.S. dollar on average, a 2.2% depreciation compared to Wednesday.

Although the United States put interest rate hikes on hold, the possibility that the FED will raise rates again made investors choose the U.S. currency as a safer option.

Meanwhile, the Bank of Mexico is expected to keep the benchmark rate at 7.0% in its monetary policy announcement this Thursday. Most analysts agree that Banxico will not raise rates, as inflation has slowed down.

Spain: Alberto Núñez Feijóo fails to obtain investiture to head the government

The president of the Popular Party (PP) failed in his first attempt to be invested as Prime Minister this Wednesday, September 27.

In the first round of voting, the leader obtained 172 votes in favor, 178 negative votes, and zero abstentions. Feijóo was supported by PP, Ciudadanos and Vox. The Spanish Socialist Workers’ Party (PSOE), Unidas Podemos, and other opposition forces voted against him.

While Feijóo described the result as "a defeat for the country", the current Spanish Prime Minister and leader of the PSOE, Pedro Sánchez, said that it was "a victory for democracy". Sánchez assured that he will continue working to form a coalition government with Unidas Podemos.

Feijóo will have a second chance to be invested on October 3.

Colombia: President Petro calls for mobilizations to reach a "National Agreement" with the opposition.

In his speech on Wednesday, September 28, Colombia’s president, Gustavo Petro, described the opposition as "the oligarchy" and called on them to participate in a national agreement to promote the transformation of public services. In Bogota, before the 27S crowd, Petro asked for renewed support from his voters: ""Popular mobilization is necessary to ensure that the reforms are carried out," he said.

Tax reform, labor reform and pension reform are some of the current administration’s proposals to reduce poverty and inequality.

Author: Marina Vanni