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Electricity Bill Congress Debate Postponed, USDMXN Approaches Support

MEXICO
  • USDMXN is extending its downward trajectory, falling another 0.25% overnight and approaching recent cycle lows. The focus is on 19.7059, the Jun 25, 2021 low before 19.5494, the 2021 low.
  • Mexico’s ruling Morena party postponed the debate in congress over President AMLO’s electricity bill to Sunday, according to lower house majority leader Ignacio Mier.
    • Lopez Obrador said that if his electricity reform fails in Congress on Sunday, his govt will present a bill as soon as April 18, the day after, to protect lithium as a public resource.
  • Additionally, AMLO said that remittances climbed 18% in 1Q y/y, according to remarks made in Mexico City at the presentation of a report on his administration’s work the first quarter.
  • Mexico’s Foreign Ministry rejected the new border inspections implemented by the governor of Texas Greg Abbott on April 6, the ministry said in a statement.
    • Governor Abbott ordered authorities to stop and inspect all trucks and buses that cross from Mexico into the U.S. arguing they are security measures to prevent the illegal transfer of migrants and drugs. (BBG)
  • Pemex Misses Oil Export Goal by 520K B/D in Week Ending April 4 (BBG)
    • Pemex exported 884k b/d of crude oil for the week ending April 4, or 37% shy of its goal of 1.404m b/d, according to internal documents seen by Bloomberg.
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