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Broad Greenback Weakness Further Supports Regional FX

LATAM FX
  • The greenback has extended the post US CPI weakness from last week as markets continue to remain optimistic over a soft-landing scenario. The optimistic backdrop has prompted the USD Index to breach the 200-day moving average for the first time since December last year and combined with the attractive carry profiles, this continues to support Latin American currencies.
  • While the price action for USDMXN and USDBRL has cemented the recent bearish themes, we do note that for USDCLP, an uptrend does remain intact. However, last week’s sell-off and further negative price action on Monday does threaten the bullish theme.
  • Key short-term support has been defined at 873.00, the Nov 3 low. A break of this level would strengthen a bearish threat and signal scope for a deeper retracement towards 837.45, the Aug 25 low.
  • Following today’s GDP and current account data in Chile, the docket remains light for the rest of the week, with just PPI on Friday. On Tuesday, there are no major Latin American economic data releases scheduled.
    • USDMXN down 0.84% at 17.0889
    • USDBRL down 1.27% at 4.848
    • USDCLP down 0.78% at 878.13
    • USDCOP down 1.38% at 4036.14
    • USDPEN down 0.81% at 3.7323
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