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BRL Leads Gains Amid Bolstered Risk Sentiment

LATAM
  • The Brazilian real leads regional FX gains on Tuesday as renewed optimism for global equity indices filters through to EMFX, despite higher US yields.
  • Limited newsflow and light data dockets have kept the rest of the regions FX moves broadly in line with greenback weakness. Price action in MXN has been uneventful, however, the pair has consolidated below 20.00 support which could suggest a move to key support at 19.7274, Apr 4 low.
  • Tomorrow’s data highlight is Chile Q1 GDP, where a 0.4% contraction is expected for the quarter, bringing the annual rate down to 7.9% Y/y.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.31% at 19.961
    • USDBRL down 2.27% at 4.9447
    • USDCLP down 0.73% at 851.52
    • USDCOP down 0.71% at 4029.43
    • USDPEN down 0.23% at 3.7629
    • BBG Dollar Index down 0.65% at 1245.14
    • USDCNH down 0.79% at 6.7434
    • JPMorgan EM Ccy Index up 0.42% at 51.986
    • S&P E-Mini Future up 56.75 points (1.42%) at 4064.5
    • WTI Crude Oil (front-month) down $1.82 (-1.59%) at $112.35
    • US 10-Yr yield is up 7.6 bps at 2.9586%
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