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Risk Sentiment, Energy Reform Debate Weigh On MXN

  • USDMXN has had a firm bounce back above the 20.00 level which marks a 1.7% rise from Monday’s low for the pair. The more shaky tone for risk, exacerbated by continued hawkish rhetoric from the Fed, has contributed for the more fragile short-term price action for the peso.
  • Furthermore, with President AMLO’s energy reform agenda back at the forefront of the political agenda, ongoing debates are likely to provide an additional headwind for MXN.
    • Both Mexico CPI data for March and the latest set of Banxico minutes are scheduled for tomorrow.
  • The Supreme Court delayed until Thursday its decision on the constitutionality of President AMLO’s nationalist power reform, after two hours of debate Tuesday.
    • Only two of the court’s 11 justices discussed the case, after Justice Loretta Ortiz presented her draft rulings in favor of the law, which aims to give priority grid access to the state utility at the expense of private renewable projects. The remaining eight justices will debate the reform Thursday. (BBG)

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