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Mexico’s peso tumbled more than 3% against the dollar on Monday after the ruling party scored a surprisingly strong election showing and looked poised for a super-majority that markets fear might bring constitutional change and diminish checks and balances.

Claudia Sheinbaum won a landslide victory in Sunday’s presidential election, which was widely expected. But the scale of the gains for the ruling Morena party and its allies took markets by surprise, with some fearing this would pave the way for the group to pass constitutional reforms without opposition support.

The peso hit a fresh five-week trough of 17.5020 to the dollar, its worst drop since September 2020.