With 182 museums, you could spend a decade getting to know all of the art and history collections in Mexico City. (Daniel Augusto/Cuartoscuro)
Mexico City tops the list of the world’s best cities for culture, according to a Time Out magazine ranking that surveyed 21,000 city-dwellers around the globe.
The Time Out methodology involved quizzing locals on their city’s best cultural attractions, then asking them to score its overall cultural offering on quality and affordability.
The National Cinematheque in southern Mexico City is a symbol of the city’s cultural scene. (Denisse Hernández Rubio/Cuartoscuro)
Mexico City came out triumphant, leading a Top 10 list of cities that also included Prague, Cape Town, Buenos Aires, Athens, Edinburgh, Vienna, Madrid, Florence and Melbourne.
CDMX residents heaped praise on the city’s museum scene which, according to thecapital government’s listing, now includes a whopping 182 museums, spanning all subjects from pre-Columbian archaeology, to contemporary art, to planetary science.
Many of these museums are either permanently free or offer free entry on Sundays to Mexican residents, and several are housed in spectacular buildings that are attractions in themselves, including the neo-baroque Palacio de Bellas Artes and the ultra-modern Museo Soumaya.
Residents of CDMX also called attention to the capital’s unique street parades, variety of quirky, colonial and modern architecture, and its theater scene.
“What captivates me most is the diversity and vitality of the arts scene,” said Mauricio Nava, editor at Time Out Mexico City. In particular, he highlighted the Kurimanzutto contemporary art gallery in San Miguel Chapultepec, the iconic Frida Kahlo Museum in Coyoacán, and the Festival del Centro music, theater and dance event in April.
“CDMX is always redefining the boundaries of creativity, and that’s what makes it so vibrant,” Nava concluded.
Mexico City is not the only Mexican destination to top global travel lists. Last year, Time Out ranked Guadalajara’sColonia Americana district as the coolest neighborhood in the world, and readers of Condé Nast Traveler magazine votedSan Miguel de Allende the world’s best small city – for the fifth time.
Xóchitl Gálvez, who represents the PAN-PRI-PRD coalition in the 2024 presidential election, is known for wearing traditional huipiles at campaign events. How else is fashion playing a part on the political scene? (Denisse Hernández/Cuartoscuro)
The politics of fashion (and the fashion of politics) have been part of human culture since ancient times. From inspiring awe or exalting wealth, to preserving tradition or signaling rebellion, clothing has always been an integral part of political vocabulary.
In the United States, contemporary political fashion – for men and women – is mostly homogenous. There are some exceptions that break the rules, like John Fetterman in his shorts and hoodies or Alexandria Ocasio-Cortez’s “tax the rich” evening gown, but the uniform doesn’t vary much.
A surprisingly short time ago, women wearing pants in Congress was considered a faux pas – Senator Barbara Mikulski said it was as if she was “walking on the moon” when she became the first woman legislator to wear trousers on the Senate floor in 1993 – but now the pantsuit is standard-issue, even if it is also often derided. Two candidates may hold polar opposite positions or represent states on opposite coasts, but wear almost identical attire.
Political fashion in Mexico, however, is more colorful.
For the first time, the candidates representing the country’s major parties are women, and their fashion choices are inevitably subject to increased scrutiny. The third aspirant, Samuel García, mostly dresses as if for a boardroom, but has stirred up some controversy with his expressions of regional norteño identity – in September, he posted on X that he would soon be getting cowboy boots and a hat for his baby daughter Mariel, but “no huipiles.”
How do the candidates’ style differences speak to their supporters? How are the complexities of Mexican identity playing out in campaign wardrobes? Are these politicians guilty of cultural appropriation?
Citizens Movement 2024 candidate and Nuevo León’s former governor Samuel García often wears cowboy boots and other clothing identified with northern Mexico. (Samuél Garcia/Cuartoscuro)
Let’s take a short tour of fashion in Mexican politics by way of two distinctive garments: the guayabera and the huipil.
How the guayabera became a populist Latin American symbol
The origins of this linen, pleated tunic-like shirt for men are mysterious. However, by the 18th century, they were being manufactured and worn in Cuba and then imported later to the Yucatán peninsula. Mérida became the “capital” of this iconic garment of the Caribbean in Mexico.
They were not initially worn by wealthy men, but by field laborers, which has contributed to their popularity with populist leaders. In Mexico, the first president to wear them regularly was Luis Echeverría (1970-1976), and the shirt became not only part of the Mexican political wardrobe, but more broadly, a symbol of Latin American leftist politics. Fidel and Raúl Castro both favored guayaberas (once Fidel set aside the fatigues), and Hugo Chávez was rumored to wear a bullet-proof one.
President López Obrador is a fan of the guayabera shirt, which has been part of Mexican presidential wardrobes since the 1970s. (Andrés Manuel López Obrador/X)
While all Mexican presidents since Echeverría have donned the guayabera for some official events – particularly when visiting tropical regions – and gifted them to visiting dignitaries (yes, both George Bush Sr. and Jr. have donned one), President López Obrador is definitely the shirt’s biggest presidential fan in recent history.
He wears plain or embroidered guayaberas on many of his weekend tours of the country, when visiting his administration’s signature infrastructure projects like the Maya Train or the Isthmus of Tehuantepec trade corridor. Of course, both of these are in southern states with hot, humid climates. You could say that AMLO’s more south-facing presidency is reflected in his wardrobe.
The huipil as representation of Mexican identity
While the guayabera has been part of presidential garb in Mexico for decades, the huipil has not. Mexico’s first ladies have only worn it occasionally, such as on visits to Indigenous communities. But in this election season dominated by women, it has been described as the “other protagonist” of the campaigns.
This garment has many centuries of history throughout pre-Columbian Mexico and Central America, worn by women of high and low social status. The design varies by region, but in essence, the huipil (from Náhutal huipilli, which means shirt or dress) is made of rectangles of embroidered fabric, and worn as a tunic top. They were made originally on backstrap looms, woven from cotton or jute fibers, though after the Spanish conquest, wool and silk were also used.
Today, variations of this garment are worn in Indigenous communities across Mexico, with different styles associated with specific events or social status. You can find designer huipiles for hundreds of dollars at department stores, or handmade ones at a village market.
The Broad Front for Mexico (FAM) opposition candidate Xóchitl Gálvez appears to have a never-ending supply of long huipiles in every hue, wearing them even to ride her bicycle on the streets of Mexico City.
Gálvez’s background is Otomí, an Indigenous group in central Mexico, but she has not always worn traditional clothing. When she served as the head of the National Commission for Indigenous Peoples Development in former president Vicente Fox’s administration, and later as the mayor of Miguel Hidalgo borough in Mexico City, she often wore more modern attire.
The 2024 Morena party candidate, Claudia Sheinbaum, has also taken to wearing huipiles at political rallies, though she still frequently appears in modern pantsuits and dresses. She is also more likely to pair a short huipil as a blouse with trousers or jeans, rather than the long style over a skirt, like Gálvez.
Morena candidate Claudia Sheinbaum has also worn traditional garments on the campaign trail. (Claudia Sheinbaum/X)
Sheinbaum’s grandparents emigrated to Mexico from Europe (Bulgaria and Lithuania) in the 1920s and 1940s, and she was born into a secular Jewish household. While she responded to social media rumors earlier this year about her birthplace by posting a photo of her birth certificate and stating “I’m more Mexican than mole!”, wearing the huipil is another visual way to reinforce this national identity – even though her ancestors would not have worn it.
“I wear the textiles of the original peoples of Mexico with emotion and pride,” Sheinbaum posted on Friday, along with a video with Indigenous tzeltal artisans. “…I am proud to be Mexican.”
The huipil as a symbol of Mexican national, rather than ethnic, identity is a delicate one.
When worn by politicians, they allude to an illustrious Indigenous heritage of creativity and artistry, and to a folkloric vision of national identity. But does this mean they are using the huipil as a patriotic costume, appropriating a way of dress that is wholly disconnected from the experiences of most Indigenous women today? Or does it finally give these communities a visibility long-denied?
Throughout its long history, the huipil has undoubtedly represented myriad things to the people who wear it, but since the Spanish conquest, there is one thing it has never symbolized: power. Perhaps that is changing.
Mariel Colón, former lawyer for "El Chapo", said that working for the drug lord "definitely" opened doors for her in the music world. (renedelvalleb/X)
Mariel Colón Miró, who by age 26 had already worked as a lawyer for the Mexican drug lord Joaquín “El Chapo” Guzmán Loera and the late American sex offender Jeffrey Epstein, is making a name for herself as a ranchera singer.
In February of this year, the 31-year-old Puerto Rico native who grew up in the Mexican state of Durango released her debut single, “La Abogada” (“The Lawyer”). This fall, Colón has performed the song in several venues around Los Angeles, along with new releases “No Ha Nacido Otra” (“Another Girl Has Yet to Be Born”), “Te Perdí” (“I Lost You”) and “Encubiertos” (“Undercover”).
Mariel La Abogada debuted her first single, “La Abogada,” in February (mariellaabogada/Instagram)
In September, La Abogada sang her first single at a concert billed as “Celebrating the Patriotic Holidays of Mexico” at a venue in Lynwood, California. There, Colón was accompanied by one of her clients, former Mexican teen beauty queen and wife of “El Chapo” Emma Coronel, who had been released from prison only days earlier.
Since that first concert, Colón has performed at least 10 shows, according to her Instagram.
Colón has compared singing on stage in a club to making an appearance in court. “You have an audience, which is the judge and jury, and you have to convince them of a story,” she explained in an interview with Agence France-Presse (AFP).
Another point in common? “Both are worlds led by men,” said the New York–based lawyer.
Colón poses for a selfie with her client and wife of El Chapo, Emma Coronel. (mariellaabogada/Instagram)
In her video for “La Abogada,” Colón portrays an attorney who falls in love with her accused client. “Good morning your honor, may I speak? Today I’m here to defend my heart,” she sings to the sound of trumpets and accordions. Ranchera-style music is iconically Mexican, with strong, emotional lyrics and deep, vibrant instrumentation.
Colón’s passion for music started early and was influenced by her father, Héctor Colón, a former music director and drummer for Menudo, a famous Puerto Rican boy band that has been active since 1977.
Insisting she isn’t abandoning the law for music, Colón said her intent is to balance both professions, stating on Univision’s show Despierta América, “The lawyer is still there. The singer is not going to eat the lawyer, nor the lawyer the singer. Both are going to coexist.”
In 2017, four months out of law school in New York but not yet licensed, Colón replied to a Craigslist ad seeking a Spanish-speaking paralegal. She got the job, which called for her to speak extensively with “El Chapo,” the notorious leader of the Sinaloa cartel who was awaiting trial in the U.S. In 2019, he was sentenced to life in prison.
Colón replied “Definitely!” when asked if working for “El Chapo” opened doors for her in the music industry. Emma Coronel often touts Colón’s singing abilities to her 788,000 Instagram followers.
Colón also has represented Rubén “El Menchito” Oseguera Gonzáles, a high-ranking member of the Jalisco New Generation Cartel, and was part of Epstein’s defense team before the convicted sex offender committed suicide in 2019.
The popular cruise destination of Puerto Vallarta has seen a continual strong rise in passenger traffic this year, as the Mexican tourist industry returns to pre-pandemic levels. (Alonso Reyes/Unsplash)
The number of cruise passengers visiting the Pacific resort of Puerto Vallarta has increased by 50% between the January to October period compared to last year, according to data from the Puerto Vallarta National Port System Administration.
In the first 10 months of the year, 456,435 cruise passengers arrived at the Jalisco resort, aboard 142 international cruise ships, compared to 305,106 arrivals during the same period of 2022.
Puerto Vallarta has become a staple of the cruise ship itinerary. (Danya Soto/Vallarta Life)
“The increase in the arrival of tourists to Puerto Vallarta on cruise ships is a clear indication of the positioning that our beach destination has at an international level,” said Vanessa Pérez Lamas, Jalisco’s Tourism Minister.
“This drives us to maintain our efforts to improve our tourism offer and infrastructure with the aim of attracting a greater number of visitors and generating a positive economic impact for the sector and for Jalisco.”
Tourism Ministry figures show that 9% of visitors to Puerto Vallarta arrive on cruise ships. Each spends an average of US $80.64 in the town, according to the National Institute of Statistics and Geography – a 6.8% increase from the $75.51 they spent during the same period last year.
Although the latest figures show that Puerto Vallarta’s popularity as a cruise destination continues to grow, they also suggest that the post-pandemic recovery of cruise passenger numbers is beginning to level out. In thefirst quarter of this year, Puerto Vallarta registered cruise passenger arrivals double those during the same period of 2022.
Cruise passenger numbers at the Pacific port have slowed over the course of the year, but still remain much higher than in 2022. (SECTUR/X)
Puerto Vallarta is a major port on the Mexican Riviera route, which extends down the Pacific coast from Los Angeles, Long Beach and San Diego, California, through Mexican ports including Cabo San Lucas and Mazatlán.
Although Caribbean ports such asCozumel and Mahahual attract most of Mexico’s cruise tourism, the number of cruise visitors to Pacific ports like Puerto Vallarta has been growing at a faster rate. Official figures show that during thefirst half of the year, cruise passengers were up 89.4% year-on-year on the Mexican Pacific coast, compared to 65.3% in the Caribbean.
A captive ajolotl with leucistic coloring. (Pixabay)
For the second year in a row, the National Autonomous University of Mexico (UNAM) has launched the “AdoptAxolotl” fundraising campaign to boost conservation efforts for axolotls, an endangered Mexican salamander.
People can virtually adopt an axolotl for one month (US $30), for six months (US $180) or for one year (US $360). The adoption comes with live updates on the axolotl’s health and an adoption certificate. Alternatively, donors can buy one of the salamanders a virtual dinner for US $10.
Though most wild axolotl are speckled brown, they can also be pink, gold or gray (UNAM Restoración Ecológica).
“There is no more time for Xochimilco,” Mexican biologist and aquatic community restoration specialist Luis Zambrano told the Associated Press.
Zambrano has been working on conservation plans to protect the axolotl’s natural environment for over 20 years. One of these projects is the maintenance of protected areas for the axolotls within the artificial islands (chinampas) of Xochimilco.
The chinampa method of building artificial islands has allowed farmers to grow crops on Mexico City’s historic waterways for nearly a thousand years. (Secretaría del Medio Ambiente CDMX)
Scientists leading the fundraiser told the Associated Press that in less than two decades, the population density of Mexican axolotls in their primary habitat has decreased by 99.5%.
A 1998 census found 6,000 axolotls per square kilometer. It dropped to just 36 in the latest census, carried out in 2014 — and it just keeps getting worse, Zambrano told news outlet Sin Embargo.
Without current data on the number and distribution of different axolotl species in Mexico, it is difficult to know how much time these creatures have left in the wild.
“All I know is that we have to work urgently,” Alejandro Calzada said, another researcher specializing in axolotls, adding that 18 species of axolotl in Mexico remain critically endangered due to water pollution, a deadly fungus that affects amphibians, and the presence of non-native rainbow trout.
San Miguel de Allende is one of the best spots to enjoy some Mexican Christmas spirit - but where else can you find everything you need this holiday season? (Bill Perry/Shutterstock)
From the mountain village of Tepoztlán to the year-round Christmas town of Tlalpujahua, these are the top five Pueblos Mágicos in Mexico to visit during the holiday season.
Tepotzotlán, State of México
Located just an hour’s drive from Mexico City, Tepotzotlán is a colonial town in the State of México well-known for hosting pastorelas and posadas – traditional religious plays celebrating the birth of Christ. The local church also performs Christmas carols.
Other attractions in the town include the Temple of San Francisco Javier, one of the most celebrated architectural wonders of the Mexican Baroque period, and the National Museum of the Viceroyalty.
Tepoztlán, Morelos
Less than two hours outside of Mexico City is the (very) similarly named, but quite different town of Tepoztlán, tucked away at the foot of an imposing mountain, and one of Mexico’s first officially designated Pueblos Mágicos.
With a cozy mountain vibe and cobbled streets lined with Christmas lights, visitors can enjoy the Ponche Fair (Dec. 8 and 9), brave the steep climb to the mountaintop ruins at Tepozteco, or visit the former Convent of the Nativity.
Not to be missed are the tepoznieves, artisanal ice cream that made according to pre-Columbian tradition with snow from the Popocatépetl volcano.
Chignahuapan, Puebla
Located in the north of Puebla, Chignahuapan is known as “the town of eternal Christmas” due to its year-round blown-glass Christmas ornament production.
The town of Chignahuapan, Puebla, has a giant Christmas bauble to celebrate the local industry. Chignahuapan is also known as the “town of eternal Christmas.” (Lorenzo Rivera/X)
To showcase its Christmas creations, some of which are even used to decorate the Vatican in Rome, the town hosts an annual Tree and Christmas Ornament Fair until Dec. 3, where visitors can buy hand-made Christmas ornaments from hundreds of local artisans.
Chugnahuapan’s main plaza also boasts Mexico’s tallest Christmas tree at 64 meters tall, along with a 12-meter diameter Christmas bauble.
Tlalpujahua, Michoacán
Found across the border from the State of México in Michoacán, Tlalpujahua is also a year-round production center of Christmas ornaments.
Running until Dec. 17, the town holds the annual Christmas Ornament Fair featuring over 28 million baubles produced locally using artisanal methods.
The town holds a weekly Christmas parade every Saturday until Dec. 16.
The Michoacán town of Tlalpujahua is famous for its year-round Christmas ornament industry. (Crisanta Espinosa Aguilar/Cuartoscuro)
San Miguel de Allende, Guanajuato
Last but not least is San Miguel de Allende, one of Mexico’s most popular international tourist destinations and one of the best places to spend Christmas according Condé Nast.
The first Friday of December sees the Christmas tree lighting in the main square (Jardín Principal) and the city’s streets are adorned with Christmas lights. Visitors may encounter groups of adults and children singing Christmas carols on the streets, nativity scenes, and of course posadas, which reenact Mary and Joseph’s Biblical journey to Bethlehem.
The first golf course to open in Los Cabos debuted in 1987. It was a modest beginning for Punta Sur, a 9-hole layout designed by renowned Mexican landscape architect Mario Schjetnan. Then, in the 1990s, a prominent local resort owner brought professional golfer and golf course designer Jack Nicklaus to Los Cabos.
Nicklaus’ reputation and the trio of world-class courses he designed – at Palmilla, Cabo del Sol’s Ocean Course (now Cove Club), and El Dorado – jump-started a golf boom in Los Cabos that is still going strong 30 years later.
Once Nicklaus put Los Cabos on the golfing map, other major champions followed in his footsteps, including Tiger Woods, Greg Norman, Tom Weiskopf, Fred Couples and Davis Love III. All five have designed heralded layouts, as have Robert Trent Jones Jr. and Tom Fazio, two acclaimed course architects with a couple of Los Cabos layouts to their names.
Los Cabos garnered fame for its links layouts blending desert and mountain terrains with spectacular ocean views and luxe amenities, and by 2018, Golf Digest dubbed it the “Golf Capital of Latin America.” As if to prove the truth of its claim, the publication ranked four local courses – Nicklaus’ Quivira and Cabo del Sol courses, Fazio’s Querencia, and Love’s Diamante Dunes course – among the world’s 100 best. Perhaps even more impressively, Los Cabos dominated the list of best courses in Mexico, taking 10 of the top 16 entries.
How many golf courses are there in Los Cabos?
There are 18 operating courses in Los Cabos, including layouts in Cabo San Lucas (Quivira, Solmar Golf Links, and the Dunes, El Cardonal and Oasis courses at Diamante); San José del Cabo (Club Campestre, Vidanta Los Cabos and Puerto Los Cabos); the Tourist Corridor (Cabo San Lucas Country Club, Cabo Del Sol’s Cove Club and Desert Courses, Twin Dolphin, Chileno Bay, Cabo Real, Eldorado, Querencia and Palmilla); and on the municipality’s East Cape (Costa Palmas).
Pueblo Bonito Resorts
What makes golf in Los Cabos so special?
Much of Los Cabos’ reputation for world-class golf is attributable to superb layouts from big-name designers. But what makes the region so special are its consistently spectacular views and over-the-top amenities.
Los Cabos didn’t invent mid-course cocktails and comfort food specialties, but as Golf Pass notes, Los Cabos “is the only golf destination that’s gone all-in on the comfort station. Almost every course worth playing, resort or private, offers the experience. It’s also part of the reason the courses at the tip of Mexico’s Baja Peninsula are generally quite expensive to play.”
However, for many golfers, it’s the views and vantage points that set Los Cabos apart.
The area boasts more than 100 miles of coastline, and nearly every local course is built with Pacific Ocean or Gulf of California views in mind. Nicklaus’ sixth and most recent design at Quivira in 2014, which Golf Magazine declared the best new international layout that year, flaunts ocean views from every fairway, for instance, with seven holes built directly along the magnificent Pacific coastline. Whales can be seen breaching from of Los Cabos’ courses during the winter months, adding to the allure.
What is the best course in Los Cabos?
The Tiger Woods-designed El Cardonal course at Diamante may have been the first in Los Cabos to host a PGA Tour event, but El Cardonal is not actually Diamante’s best or most famous course.
The first Diamante links-style course was designed by Davis Love III, and upon opening in 2009, “Dunes” was an immediate smash with golfers and critics alike. Golf Digest ranked it the 34th greatest in the world in 2020, and Golf Magazine also considers it among the Top 100. Perhaps not surprisingly, Diamante’s Dunes course is also currently rated the best course in Mexico.
Which courses are open to the public?
Pueblo Bonito Resorts
Golf courses in Los Cabos fall into three categories: public, private and resort courses with limited access. For example, staying at certain resorts or residential developments may provide tee-time access at affiliated courses. Attending time-share presentations, meanwhile, is another potential avenue to access at private clubs.
The best public courses are a trio of layouts managed by Questro Golf: Cabo Real, Club Campestre and Puerto Los Cabos. All feature first-class design, but the latter, offering a 27-hole layout designed by Jack Nicklaus (Ocean and Vista Courses) and Greg Norman (Mission Course), is definitely the most interesting. Cabo San Lucas Country Club, despite the name, is also open to the public – along with its locally popular driving range – as is Vidanta Los Cabos, the region’s first course and only 9-hole layout.
Which courses are private, and are they possible to play?
Two courses in Los Cabos, El Dorado and Querencia, are private, so much so that no one – save members and their guests – is welcome. Private but resort-affiliated courses, meanwhile, are playable based on one’s accommodation status.
Golf Pass is correct in its assessment that comfort food stations play a part in Los Cabos’ expensive greens fees. Public courses are the most affordable, but even these can be costly. Puerto Los Cabos, Questro Golf’s top option, charges more than US $300 for an 18-hole round during high season (November through May, twilight excepted). Private and resort courses are typically in the same range, if not more expensive.
How do locals play? Locals with IDs proving residence get discounts and also tend to play at twilight when rates are lowest. The most affordable course in Los Cabos is the first-ever course, Vidanta Los Cabos (formerly Punta Sur). But playing the 9-hole layout twice for a full-round experience will cost in the range of US $150 during high season. The Cabo San Lucas Country Club is another relative bargain, but this course can still top US $200 during the winter and spring months.
Yes, slow-season summer rates are slightly lower, and Questro Golf is famed for its multiple-round offers, which allow golfers to experience a trio of courses at discounted rates. But golf in Los Cabos is never cheap.
Chris Sands is the Cabo San Lucas local expert for the USA Today travel website 10 Best, writer of Fodor’s Los Cabos travel guidebook, and a contributor to numerous websites and publications, including Tasting Table, Marriott Bonvoy Traveler, Forbes Travel Guide, Porthole Cruise, Cabo Living and Mexico News Daily. His specialty is travel-related content and lifestyle features focused on food, wine and golf.
The Mexican peso had a good Monday morning, hitting almost 17 to the US dollar. (CRISANTA ESPINOSA AGUILAR /CUARTOSCURO.COM)
The Mexican peso almost reached 17 to the US dollar on Monday morning, but subsequently weakened to trade at 17.13 to the greenback at 12 p.m. Mexico City time.
Bloomberg data showed that the peso appreciated to 17.03 to the dollar early Monday after closing at 17.11 last Friday. The 17.03 exchange rate was the peso’s best position since late August.
The El Financiero newspaper reported that the peso strengthened on the expectation that the United States Federal Reserve will not raise interest rates at its final monetary policy meeting next month and will begin making cuts in 2024.
The Fed’s funds rate is currently set at a 5.25%-5.5% range, while the Bank of Mexico’s benchmark rate has remained at a record high 11.25% since it was raised to that level in March.
Analysts have cited the significant difference between the two rates as one factor that has contributed to the strengthening of the peso in 2023 after it started the year at about 19.5 to the greenback.
Financial consultancy Roga Capital said Monday that “the recent appreciation of the Mexican currency continues to be attributed to the optimism generated by a possible end to the cycle of interest rate increases by the Federal Reserve.”
Mexico’s central bank has held a high benchmark rate of 11.25% since March, which is cited as one reason for the strengthening of the peso. (Shutterstock)
Gabriela Siller, director of economic analysis at Mexican bank Banco Base, said on the X social media platform that the “wide” gap between interest rates in Mexico and the United States “is one of the factors” that allowed the peso to appreciate on Monday morning, but added that “the possibility that the differential” will narrow subsequently weakened the currency.
She also said that when the USD:MXN exchange rate is close to 17, investors “take currency hedges and buy dollars in advance, as greater volatility is expected in 2024.”
“This increases the demand for dollars and the exchange rate increases,” Siller added.
One key piece of data that could affect the USD:MXN exchange rate this week is the Personal Consumption Expenditures index for October, to be released in the United States on Thursday. The index is the Fed’s preferred inflation gauge.
At home, the Bank of Mexico will publish its third-quarter report on Wednesday, in which it will offer updated forecasts on economic growth and an outlook on inflation. The bank’s board will hold its final monetary policy meeting of the year on Dec. 14, but is expected to leave the key interest rate unchanged.
An initial cut to the 11.25% rate is considered likely in the first or second quarter of 2024, provided the downward trend in inflation seen throughout most of 2023 – albeit not in the first half of November – continues.
Three journalists abducted in Taxco, Guerrero last week have been released, but a son of one of the journalists is still missing. (Artículo 19)
Three Guerrero-based journalists who were abducted last week have been released, but the son of one of them is still missing.
The Guerrero Attorney General’s Office (FGE) reported Saturday that Marco Antonio Toledo, Silvia Nayssa Arce Avilés and Alberto Sánchez Juárez had all been released.
Taxco is a popular tourist destination in Guerrero under 200 km from Mexico City. (Wikimedia Commons)
Guadalupe Denova Flores, the wife of Toledo, was also released, but their 28-year-old son Alberto Toledo Denova is apparently still being held by his abductors and a search to locate him is ongoing.
The FGE said that the three journalists and Denova were released due to “the strengthening of search operations and the deployment of federal and state security authorities in the northern region” of Guerrero.
Toledo, director of the news magazine Espectador de Taxco, was abducted along with his wife and son by armed men who broke into his home in the municipality of Taxco on Nov. 19.
Arce and Sánchez, a married couple who run the news outlet RedSiete, were kidnapped by armed men last Wednesday in Taxco, a popular tourism destination less than 200 kilometers from Mexico City.
Journalists protest outside the attorney general’s office in Chilpancingo, Guerrero on Friday, holding signs saying “enough threats against the press” and “the press isn’t for sale.” (DASSAEV TÉLLEZ ADAME/CUARTOSCURO.COM)
All three journalists had received threats prior to their abduction.
Toledo, who wrote for other Guerrero media outlets in addition to managing Espectador de Taxco, reported on political and security issues.
“He recently published an article in which he condemned the municipal government’s approval of a budget for a public work in Taxco,” press freedom advocacy organization Article 19 said.
That organization noted that cell phones and computers were removed from Toledo’s home by the armed men who abducted him.
Arce previously shut down another news site she ran due to threats she received from organized crime, according to the El Universal newspaper.
Leopoldo Maldonado Gutiérrez, director of Article 19 in Mexico, said in a radio interview that violence against the press is a particular problem in Guerrero, a poor southern state known for lawlessness in certain areas.
“Violence is rampant in a large part of the country, like in Guanajuato and Tamaulipas, and in Guerrero [there is] specific violence against the press,” he said.
“We have to remember that Guerrero ranks fifth [among Mexico’s 32 federal entities] for the number of attacks … against the press,” Maldonado said citing data for the period between 2009 and 2023.
Article 19 reported in September that an act of aggression against Mexican media workers and organizations was committed every 16 hours on average during the first half of 2023.
The organization also said that 161 journalists have been murdered in Mexico since 2000, including 41 during the current federal administration.
Winter has arrived in the Valley of Mexico, where temperatures will hover between 10 and 20 degrees Celsius. (Andrea Murcia/Cuartoscuro)
The twelfth cold front of the season is now moving along the Gulf of Mexico coastline, interacting with moisture from the Pacific to bring low temperatures and heavy rain to much of the country.
TheNational Meteorological Service (SMN) predicts torrential rain (150-250mm) in areas of Chiapas, Tabasco and Veracruz on Monday, with intense rain (75-150mm) in parts of Oaxaca and Puebla, and heavy to very heavy rains across eastern Mexico.
Low pressure systems and Pacific moisture will also cause heavy to very heavy rains in Nayarit, Colima, Jalisco, Michoacán and Guerrero, while Mexico’s northwestern and central states will experience scattered showers.
The SMN warns that the heaviest rains will be accompanied by lightning and hail with a high chance of flooding in low-lying regions. Residents are advised to stay alert to further forecasts and follow recommendations from Civil Protection authorities.
Meanwhile, a mass of polar air is expected to trigger a so-called “Norte,” which will cause gusts of wind of 80-100 kilometers per hour and waves 3-5 meters high on the coasts of Veracruz and the Isthmus of Tehuantepec.
Lighter winds of 40-60 kilometers per hour will sweep Chihuahua, Coahuila, Durango, Nuevo León, San Luis Potosí and Zacatecas, with tornadoes possible. Waterspouts, which are tornadoes that form over bodies of water, could also be seen off the coast of Tamaulipas, where waves will reach 2-3 meters high.
Temperatures will be cold across much of the country, particularly in high-altitude regions of northern and central Mexico. The mercury could drop as low as -10 degrees Celsius in the mountains of Baja California, Chihuahua and Durango, and -5 degrees Celsius in Coahuila, México state, Puebla, Sonora and Zacatecas.
Nevertheless, some regions of the country will continue to see high temperatures, with maximums of 40 degrees Celsius in Campeche, Guerrero, Michoacán, Quintana Roo, Yucatán and the coasts of Chiapas and Oaxaca; maximum temperatures of 35 degrees Celsius are forecast in Colima, Jalisco, Nayarit and Sinaloa.
The forecast for the Valley of Mexico is cloudy and cool throughout the morning, becoming more temperate during the afternoon, with scattered rains. Temperatures in the capital on Monday will vary between 9 and 22 degrees Celsius.