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Further Criticism Of President's Energy Initiatives

MEXICO
  • Mexican antitrust Cofece said some parts of a hydrocarbon bill, currently under review at congress, dent competition and would increase prices to consumers. Cofece recommends congress not to approve the bill in its current form.
    • The criticism is yet another obstacle for President AMLO in his efforts to strengthen state control of the energy market at the expense of private capital.
  • USDMXN was little changed on Monday and overnight as the USD struggles to pick a direction ahead of today's US CPI release. Pressure was felt in the TIIE curve, where 5-yr swap rates were seen 10 basis points higher, extending the move from late last week.
    • The most recent J&J headlines have sparked some risk off trade which has seen a small bout of Peso selling which sees USDMXN back to just shy of 20.20.
    • A very light local data week, however, lower house lawmakers on labour and finance committees are expected to discuss and approve a bill that would ban a type of outsourcing.
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