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Congress Passes Law Limiting President's Power, USDPEN Momentum Stalls

  • Overnight Peru lawmakers passed a law that limits the power of President Pedro Castillo to dissolve congress, imposing a defeat on the new President just three months into his government.
  • Interestingly, at the same time, they ignored a bill presented by the government that would restrict lawmakers' ability to impeach the president.
  • The opposition-dominated congress passed the law with 79 out of 130 votes in favour.
  • Now the president can only ask lawmakers for a vote of confidence on government policies, and no longer on constitutional reforms.
  • USDPEN has been consolidating in the past few sessions towards the lower end of its recent range. After bridging the late July 'Castillo Gap' between 3.90 and 4.00, the pair's momentum to the downside has stalled.


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