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USDMXN Consolidating Ahead Of US GDP, US Agency Weigh In On Power Bill

MEXICO
  • USDMXN consolidating yesterday's gains around 20.30 following broad tight ranges overnight. Today's US advance GDP reading will be the primary focus for the dollar with potential heightened volatility spilling over from the upcoming ECB statement and press conference.
  • The domestic focus remains on tomorrow's Q3 GDP release, made more interesting following Banxico Deputy Governor Heath's comments on the print likely being negative against the market expectation of a small increase of 0.1% Q/q.
  • USDMXN continues to be supported by the 100-day MA, intersecting at 20.1267, with no significant resistance until 20.5975, the Oct 15 high.
  • Overnight the US Energy Department's National Renewable Energy Laboratory made the following comments relating to the President AMLO's proposed electricity reform bill:
    • Mexico's carbon emissions risk soaring, and electricity costs could also jump if the country passes reforms giving the state greater control over the power market.
    • The government's proposed change in the constitution would result in using less of Mexico's booming solar and wind farms, according to the US agency. That would increase carbon emissions between 26% and 65%, while raising electricity generation costs between 32% to 54%, the NREL said.
    • "These reforms could potentially distort the principle of economic dispatch, increasing production costs, and threatening the country's short-term climate change commitments," according to a draft of the study seen by Bloomberg News.
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