Mexican peso weakens as next president vows to forge ahead with 20 reforms - and adds a couple more

abcnews.go.com:

The Mexican peso has continued to weaken as Mexico's outgoing president _ and his successor _vowed to forge ahead with some 20 constitutional changes that have rattled investors

MEXICO CITY — The Mexican peso continued to weaken Tuesday as Mexico’s outgoing president — and his successor — vowed to forge ahead with some 20 c onstitutional changes that have rattled investors.

Claudia Sheinbaum won this month’s presidential election. But she has spent much of the time since then trying to reassure markets, while yielding not an inch on a controversial proposal to make judges and justices stand for election.

Sheinbaum claimed Tuesday that “investors have no reason to be concerned,” adding “to everyone who invests in Mexico, I say that (legal) certainty exists.”

Critics have claimed that outgoing President Andrés Manuel López Obrador wants to eliminate regulatory and oversight agencies and weaken the judicial system to reduce any checks on presidential power.

Sheinbaum said Monday she endorsed submitting all of López Obrador’s reforms when Congress returns in September. Sheinbaum even added a couple more yet-unfunded benefit programs to the list of proposed Constitutional changes.

The peso declined by about 1% Tuesday to close at 18.49 to $1. The Mexican currency has dropped about 11% in value against the dollar since late May, especially after the June 2 elections. Mexican stocks closed unchanged Tuesday, but remain about 4% below pre-election levels.

Sheinbaum belongs to López Obrador's Morena party, where he remains a far more influential figure than her, and thus she has little room to argue for reconsidering or putting off any of the changes.

López Obrador himself went even further Tuesday, claiming the market