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Supreme Court Blocks Challenge To Energy Law, Erodes Key Parts

MEXICO
  • Mexico's top court fell short on Thursday of overturning President AMLO’s electricity law in a partial victory for the fiery nationalist leader that leaves billions of dollars of private investments in uncertainty and keeps Mexico on a collision course with the U.S., the country's top trade partner.
    • It is worth noting that justices have weakened key parts of his plan to return control of the power market to state hands.
    • While the law wasn’t declared unconstitutional, a majority of the justices voted against its fundamental articles, setting an important precedent for companies that seek to take legal action against them in lower courts.
    • The U.S. is concerned that Mexico’s 2021 electricity law “is likely to open the door to endless litigation, creating uncertainty and impeding investment,” according to a statement issued by U.S. Ambassador Ken Salazar.
  • *USDMXN is consolidating the recent move higher back to 20.15. Technically, the outlook remains bearish and short-term gains are considered corrective and moving average studies remaining in bear mode, highlighting current sentiment. Resistance to watch is at 20.1919, the 20-day EMA ahead of 20.3799, the 50-day EMA.
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