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Peso Extends Two-Day Rally To 1%, AMLO Address Scheduled

MEXICO
  • MXN looking strong to start the session and extending a decent recovery after last week’s selloff. The most recent bounce in equities certainly underpinning this morning’s gains for the Peso.
    • Technically, USDMXN is consolidating, remaining above the recent low of 19.7274, on Apr 4, however, the trend outlook remains bearish and those short-term gains were considered corrective. Moving average studies remain in a bear mode, highlighting current sentiment.
    • The focus is on 19.7059, the Jun 25, 2021 low before 19.5494, the 2021 low. Resistance to watch is at 20.3386, the 50-day EMA.
  • President AMLO delivers an address, scheduled for 5pm Mexico City time, about progress in his government, where he may discuss his power bill that’s being debated in congress.
  • Lower House committees on Constitutional Points and Energy approved the electricity reform with 47 votes in favor and 37 against, journalist Joaquin Lopez-Doriga reported on Twitter.
  • Additionally, Mexico’s ruling Morena party is seeking to postpone debate in congress over the President’s electricity bill to Sunday, according to lower house majority leader Ignacio Mier.
    • Deliberations had been scheduled to begin on Tuesday on the lower house floor, but Mier said on Twitter on Monday evening that he wants to give more time to the public to get to know the reworked bill. (Bloomberg)
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