- Former President Donald Trump is set to be sentenced for falsifying business records on July 11. Meanwhile, Hunter Biden’s criminal trial has just kicked off.
- The Mexican peso plunged following a supermajority win for the Morena party. In India, the rupee plunged as exit polls indicated a smaller lead for Prime Minister Narendra Modi than originally expected.
Trump and Hunter Biden Trials
Former U.S. President Donald Trump was convicted last week on all counts of falsifying business records. Trump faces sentencing in one month’s time on July 11. Each of the 34 felony counts could result in up to four years in prison, although first-time offenders (or ex-presidents) like Trump are rarely incarcerated.
Meanwhile, a jury was sworn in on Monday for a (show?) trial of Hunter Biden, son of President Joe Biden, on gun charges.
Mexican Election
The Mexican peso continues to fall sharply towards 18.0 per USD, its lowest since October 2023, following results indicating a supermajority win for the Morena party and its allies in Congress. Claudia Sheinbaum, the Morena party candidate, won the presidential election by a significant margin.
As noted in Reuters, “The peso is underperforming amid growing concerns that the governing coalition’s supermajority in the lower house might lead to the implementation of non-market-friendly policies,”.
Indian Election
The Indian rupee plunged past 83.5 per USD, nearing its record-low of 83.7 from April. This movement erased the sharp rally triggered by early vote tallies, as updated counts indicated that incumbent PM Narendra Modi’s Bharatiya Janata Party is likely to secure a much narrower victory than anticipated.
Amidst the election turmoil in the world’s largest democracy, the Reserve Bank of India’s (RBI) monetary policy decision is also expected this week. In April 2024, the RBI maintained its benchmark repo rate at 6.5% for the seventh consecutive meeting.
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