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BRL Erases Entirety of Friday Gains, BanRep Minutes Eyed

LATAM
  • The Brazilian Real tracked the negative market sentiment seen in closest FX peers amid the rise in U.S. Treasury yields, continued concerns over the Chinese economy and decline of major equity indices.
    • USDBRL was consistently supported from the open, rising strongly from around 5.37 to 5.44 and then consolidating these gains throughout the session. A break of the 5.4759 highs would indicate a resumption of the bullish uptrend and represent the highest levels since May this year.
    • DI swap rates have risen between 4-8bps across the curve in line with Real weakness.
  • After the early Peso weakness, possibly reflecting global risk concerns and the looming headwinds relating to the President's energy initiative, USDMXN was very content trading in the 20.50-60 range.
    • The short-term range of 21.41-21.73 appears well defined as we await further developments on the proposed constitutional reforms and local CPI data on Thursday.
  • Limited action in Andean FX, all marginally in the red – in line with regional counterparts and in the face of the broad weakness in dollar indices.
    • Some fairly strong bear steepening in the Camara curve, as markets continue to price in more rate hikes following the stronger than expected economic activity data last week. Camara swap rates have risen between 7-14 basis points.
  • Overnight, BanRep minutes will be released, with a particularly light regional docket scheduled for Tuesday.
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