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Free AccessChilean Camara Swaps Curve Extends Inversion As Front End Pressured
- Following yesterday’s BCCh meeting and the more hawkish action/guidance, local swap rates in Chile are seen higher across the Camara curve. Particular pressure on the front-end has seen the curve invert further with a smaller reaction in the belly and long-end owing to the more optimistic view of a more-moderate Boric administration.
- With geopolitical risk premiums being trimmed and a 2.3% rally in the Russian Ruble, Latam FX is trading resiliently in the face off a hawkish fed and firmer greenback. USDBRL had a strong move down to 5.3540, although much of the Real’s advance has been pared over the last hour.
- The strong move in the dollar index and particular technical weakness for EURUSD is seeing EUR crosses come under pressure. EURMXN is 0.9% lower, pushing on the year’s lows and levels not seen since June 2020.
- Colombia rate decision the clear focus on the calendar to round off the week, before a busy data day on Monday featuring Mexico Q4 GDP.
Below gives key levels of LatAm markets in current trade:
- USDMXN up 0.03% at 20.7518
- EURMXN down 0.73% at 23.1490
- USDBRL down 0.35% at 5.4229
- USDCLP up 0.01% at 801.75
- USDCOP up 0.34% at 3943.55
- Bbg Dollar Index up 0.54% at 1188.3
- USDCNH up 0.51% at 6.3679
- JPMorgan EM Ccy Index up 0.2% at 52.91
- Gold is down $22.35 (-1.23%) at $1797.26
- Copper Futures down 7.8 (-1.73%) at 443.70
- Chile Camara Swaps:
- 1-yr +33 bps at 6.93%
- 2-yr +23 bps at 6.3%
- 5-yr +12 bps at 5.8%
- 10-yr +7 bps at 5.76%
- Colombia IBR Swaps:
- 1-yr +16 bps at 6%
- 2-yr +18 bps at 6.66%
- 5-yr +15 bps at 7.11%
- 10-yr +9 bps at 7.41%
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.