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LATAM FX: Andean FX Buoyed By Commodity Gains, Brazil Asks For Tariff Delay

LATAM FX
BulletEM BulletEmerging Market News
  • Andean FX have been benefitted from a bounce in commodities today, with both CLP and COP outperforming peers, with gains of almost 1.2% against the dollar. With the dollar remaining under pressure amid ongoing tariff and US growth concerns, copper rallied by 2.7% to within sight of its recent 9-month high.
  • USDCLP closed at 933 and remains in a bear-mode condition, with eyes on 921.59, the 76.4% retracement of the upleg between Sep 27 ‘24 - Jan 3. A break of this level would expose 891.28, the Sep 27 2024 low.
  • The Brazilian real has also rallied by 0.8% against the greenback to 5.81, buoyed by gain in iron ore prices and hopes of tariff delays. According to O Globo, VP Alckmin has asked for tariffs on its steel and aluminium exports to the US to be delayed at least another month, after talks with US Secretary of Commerce, Howard Lutnick. With talks set to continue, attention turns to Feb IPCA inflation data tomorrow.
  • Meanwhile, USDMXN has fallen by 0.5% to 20.25 in recent trade, after reports that President Trump may back down on the threat to double steel and aluminium tariffs on Canada has lifted sentiment.
  • The move in USDMXN has narrowed the gap to key support at 20.1343, the Jan 24 low, a clear break of which would open the 20.00 handle.
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  • Andean FX have been benefitted from a bounce in commodities today, with both CLP and COP outperforming peers, with gains of almost 1.2% against the dollar. With the dollar remaining under pressure amid ongoing tariff and US growth concerns, copper rallied by 2.7% to within sight of its recent 9-month high.
  • USDCLP closed at 933 and remains in a bear-mode condition, with eyes on 921.59, the 76.4% retracement of the upleg between Sep 27 ‘24 - Jan 3. A break of this level would expose 891.28, the Sep 27 2024 low.
  • The Brazilian real has also rallied by 0.8% against the greenback to 5.81, buoyed by gain in iron ore prices and hopes of tariff delays. According to O Globo, VP Alckmin has asked for tariffs on its steel and aluminium exports to the US to be delayed at least another month, after talks with US Secretary of Commerce, Howard Lutnick. With talks set to continue, attention turns to Feb IPCA inflation data tomorrow.
  • Meanwhile, USDMXN has fallen by 0.5% to 20.25 in recent trade, after reports that President Trump may back down on the threat to double steel and aluminium tariffs on Canada has lifted sentiment.
  • The move in USDMXN has narrowed the gap to key support at 20.1343, the Jan 24 low, a clear break of which would open the 20.00 handle.