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Local Currencies Extending Losses Amid Pressure on Commodities

LATAM FX
  • Significant pressure across the commodity complex continuing to weigh on LatAm FX on Monday. BRL extending losses to near 2.5% after the sharp four percent decline on Friday that prompted the central bank to intervene in the spot market.
  • Similarly, both the Chilean Peso and Colombia Peso feeling the pinch amid oil and copper declines. MXN outperforming its regional counterparts, just as it relatively underperformed the regional rally throughout the second half of March.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.46% at 20.3246
    • USDBRL up 2.49% at 4.9142
    • USDCLP up 1.98% at 853.38
    • USDCOP up 2.22% at 3943.3
    • USDPEN up 1.24% at 3.8155
    • BBG Dollar Index up 0.52% at 1231.68
    • USDCNH up 0.91% at 6.5858
    • JPMorgan EM Ccy Index down 0.63% at 52.153
    • BBG Commodity Index down 2.921 points (-2.26%) at 126.0988
    • WTI Crude Oil (front-month) down $5.19 (-5.08%) at $96.96
    • Gold is down $36.99 (-1.92%) at $1894.52
    • Copper Futures down 14.45 (-3.15%) at 443.65
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