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Energy Reform In Focus, September CPI Due Thursday

MEXICO
  • USDMXN has gained 0.65% since the open, holding pivot support around 20.42, coinciding with the mid-late August highs. A sustained resumption of gains would refocus attention on the key resistance at 20.7488, Jun 18 high. Thursday's CPI figures are the highlight on the domestic data front this week.
  • The focus of the weekend news centred around the President's proposed constitutional reform relating to his energy initiatives.
  • The proposals aim to make the Federal Electricity Commission the only supplier of electricity, while generating at least 54% the country's electricity consumption. New legal framework would lead to the cancellation of all permits granted to the private sector to generate electricity, as well the cancelation of all contracts to buy and sell electricity, if approved.
  • The bill, unveiled Friday, could face a hard time in Mexico's Congress, where Mr. López Obrador's leftist party lacks the two-thirds majority needed to change the constitution.
  • Mexico's Institutional Revolutionary Party, an opposition movement to AMLO, said it will discuss with lawmakers and experts the significance of the government's proposed bill to give the state utility more power and reduce competition.
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