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Aggressive USD Sales By BCRP Into Market Close

PERU
  • USDPEN had a volatile end to the session yesterday after BCRP aggressively sold USD into the close. USDPEN moved to a low of 3.80, from ~3.85, before bouncing back to 3.84 at the close. Citi note that the central bank had already issued $168mn via FX Swaps before yesterday’s session, so they view the intraday action as being a strong signal for the market to stop buying USD.
  • As a result, and with positioning now cleaner in their view, Citi have turned positive on local markets. They like to be short USDPEN, as they expect to see some PEN inflows from tax payments in the next few sessions, and are watching the 3.8350-3.8550 range near-term.
  • No data releases are scheduled for today, after yesterday’s weak December economic activity and January unemployment data. The next key release is Q4 GDP, scheduled for publication next Friday.
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