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Chilean Peso Outperforming Amid LatAm FX Recovery

LATAM FX
  • Seeing some recovery in Latam currencies against the dollar today, aided by the move lower in core yields. Hawkish comments from Banxico Deputy Governor Heath are offsetting the lower equity prices effect on the Mexican peso, with USDMXN consolidating below 17.00 for now. Higher copper and iron ore prices are helping CLP and BRL to outperform.
    • USDMXN is ~0.45% at the time of writing and overall the medium-term trend direction in remains bearish, but the pair has moved above both the 20 and 50-day EMAs and a continuation higher would signal scope for a climb towards 17.3860, the Jan 17 high. On the downside, initial support lies at 16.6442, the 20-day EMA.
    • Despite a 0.9% move lower today, a bullish theme in {BZ} USDBRL remains intact and this week’s gains reinforce current conditions. The strong impulsive nature of the latest rally signals scope for a climb towards 5.3330, 76.4% of the Nov 11 ‘23 - Jul 28 ‘23 bear leg. Support to watch lies at 5.0713, the 20-day EMA.
    • USDCLP is down 1% currently, supported by the 1.4% rally in copper prices. Support to watch remains much lower at 935.63, the Mar 15 low. On the upside, a break of resistance and the bull trigger at 990.67, the Feb 26 high, would confirm a resumption of the uptrend and open 1000.00.
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