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Lower House Pass Outsourcing Bill

MEXICO
  • The softer USD prompted a turnaround for the Peso yesterday following the US CPI print. Most recent lows were taken out through 20.0650. The distinct lack of follow through reflects a vacant data calendar as well as lingering concerns over President AMLO's energy initiatives making it more difficult to enter fresh USDMXN shorts at current levels.
  • Mexico's lower house of congress on Tuesday passed a bill to regulate outsourcing and close down loopholes companies have used to avoid paying payroll taxes and social security dues.
    • Lawmakers approved the bill in general terms with 348 in favour, 77 opposed and 32 abstentions, while reserving some articles for debate.
    • The bill will go to the senate once those discussions conclude.
  • Today, the lower house of congress is expected to consider a bill seeking to change hydrocarbons law and expand government control over fuel distribution, imports and marketing.
    • Yesterday a Eurasia Group note said both bills will negatively impact business confidence, further hurting the economic recovery.
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