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Lower House To Begin Electricity Reform Bill Forum Discussion

MEXICO
  • The domestic data calendar is fairly empty for this week with just weekly reserves and ANTAD same store sales, both released tomorrow.
  • Mexican asset prices will be driven by broader global themes with USDMXN hovering around some important technical levels. The short-term outlook remains bearish. This follows the sell-off that started Nov 26 and immediate attention is on support at 20.2517, Nov 9 low and more importantly, 20.1196, the Oct 26 low.
    • Bi-Weekly CPI data is scheduled for release next Monday which should begin to garner much more attention as the February 10 Banxico meeting approaches and there remains debate among analysts over the potential size of the next hike.
  • Mexico’s lower house will begin an open forum discussion of an electricity reform bill that would give state utility CFE greater control of the power market. The forum will continue until Feb. 15. (BBG)
    • Given the importance of headlines surrounding AMLO’s energy initiatives in 2021 and the potential headwinds for domestic asset prices, developments surrounding the bill will be eagerly anticipated by markets.
  • It is unclear whether President AMLO may be present for the daily press briefing as he completes his Covid isolation period. Interior Minister Adan Augusto Lopez will likely lead if Lopez Obrador remains absent.
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