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Currencies Extends Slide Amid Greenback Strength/Weakness in Equities

LATAM
  • The emerging market currency complex continues to be pressured following the march higher in core yields and the extension lower in equity indices.
  • Following the US Dollar’s impressive recovery on Thursday, the greenback has continued to improve to the best levels of the week/fresh cycle highs.
  • BRL the major laggard, mainly due to the currency playing catch up following the Thursday closure, however, losses exceed 1% in both COP and CLP.
  • - With the bulk of USDMXN gains made overnight, price has failed to pick up momentum and remains below the 38.2% Fibonacci retracement of the Mar-Apr range, at 20.3992.
  • Increased hawkishness towards the FED and the weakening in CNH adding to the headwinds for regional currencies at this juncture.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.71% at 20.3154
    • USDBRL up 2.44% at 4.7346
    • USDCLP up 0.95% at 832.98
    • USDCOP up 1.09% at 3807.52
    • USDPEN up 0.47% at 3.7545
    • USDARS up 0.14% at 114.2481
    • Bloomberg Dollar Index up 0.53% at 1223.64
    • USDCNH up 0.84% at 6.5345
    • S&P E-Mini Future down 32 points (-1.18%) at 4338
    • BBG Commodity Index down 0.9879 points (-0.75%) at 130.3636
    • WTI Crude Oil (front-month) down $1.12 (-1.08%) at $102.65
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