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Broad Greenback Weakness Leading LatAm Currencies Higher

LATAM FX
  • Greenback immediately lower following the decision amid firmer equity markets. LatAm currencies performing well alongside the firmer risk backdrop, extending their most recent recovery.
  • USDMXN finds itself back below the 18.50 pivot support which may target a move back to 18.2397, the Mar 13 low.
  • The Brazilian real recovered prior losses on the session and trades close to unchanged on Wednesday ahead of the BCB decision after the close.
  • CLP remains the best performer on the session, rising 1.25% against the greenback with the positive news of the earlier bill rejection for self loans from pensions providing a more optimistic backdrop. The lower margin alone would have led to more than $22 billion in withdrawals, according to estimates by the Finance Ministry.
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