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BRL Leads Regional Gains As USDMXN Holds Above 2022 Lows

LATAM
  • The Brazilian Real was the key beneficiary to firmer equity indices on Monday as well as the general weakness in the US dollar. USDBRL has traded below support at 4.8597, the Apr 29 low and today’s move through the 4.80 handle strengthens the current bearish cycle, signalling scope for weakness towards 4.5836, Apr 5 low and a key support.
  • Still awaiting data today -- Peru’s GDP is expected to have risen 3.8% in 1Q from the year earlier, up from 3.2% previously.
  • Tomorrow – Mexican and Brazilian mid-month inflation data headlines the LatAm docket as well as the Chilean central bank Traders Survey.
  • *Latest:
    • BOSTIC SEES `DIVERSITY OF VIEWS' AT FED ON INFLATION OUTLOOK (BBG)
    • BOSTIC: HOW INFLATION EVOLVES TO BE IMPORTANT DRIVER OF POLICY (BBG)
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.04% at 19.855
    • USDBRL down 1.76% at 4.7949
    • USDCLP down 0.64% at 830.7
    • USDCOP down 0.11% at 3967.7
    • USDPEN down 0.49% at 3.7115
    • USDARS up 0.39% at 118.9448
    • Bloomberg Dollar Index down 0.66% at 1232.11
    • USDCNH down 0.62% at 6.6582
    • JPMorgan EM Ccy Index up 1.19% at 53.172
    • S&P E-Mini Future up 68 points (1.74%) at 3967.75
    • BBG Commodity Index up 1.239 points (0.95%) at 131.7848
    • WTI Crude Oil (front-month) down $0.19 (-0.17%) at $110.12
    • Gold is up $4.46 (0.24%) at $1850.83
    • Copper Futures up 6.75 (1.58%) at 434.85
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