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Energy Reform Remains In Focus, IP Data Due

MEXICO
  • The Mexican Peso is slightly better bid to start the week, rising 0.1% and just under 1% off last week’s highs around 20.20. MXNJPY much to do with the firmer price action as the pair benefits from USDJPY taking out the 125.10/28 resistance points, prompting MXNJPY to rally above the March highs of 6.2481 and reside up 1.1% since the open.
  • Data Today at 1200BST/0700ET:
    • Feb. Industrial Production SA MoM, prior 1.0%
    • Feb. Industrial Production NSA YoY, prior 4.2%, revised 4.3%
    • Feb. Manuf. Production NSA YoY, prior 3.8%
  • President AMLO’s constitutional energy reform will be presented to lower house committees today, ahead of a likely full vote on Tuesday.
    • The president will speak at his usual press briefing scheduled for 0700 local.
    • On Friday, AMLO said the government is considering a new bill to change its mining law to protect lithium for the nation’s use, if congress doesn’t approve the power reform law that includes a lithium component.
  • Mexican voters overwhelmingly backed President AMLO to finish his six-year term in a recall referendum Sunday set by the leader himself. (BBG)
    • Lopez Obrador took between 90.3% and 91.9% of the votes, according to preliminary results announced by the nation’s electoral institute Sunday night.
    • However, the vote won’t be binding with turnout between 17-18.2%, less than half the 40% threshold. The turnout was slightly higher than some analysts had predicted.
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