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Late Equity Roundup: Mildly Lower on Week

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LATAM
  • 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%
MNI London Bureau | +44 020 3983 7893 | jack.lewis@marketnews.com
MNI London Bureau | +44 020 3983 7893 | jack.lewis@marketnews.com

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