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CLP and COP Outperform As Greenback Remains Under Pressure

LATAM FX
  • USDCLP is currently testing support at 818.65, Dec 1 low as a bearish cycle that is likely a correction plays out. Similarly COP is outperforming, extending gains below 4000 for USDCOP.
  • MXN remains more stagnant, in close vicinity to the recent lows, but unable to capitalise on the broad greenback weakness. BRL is consolidating at better levels and the local agenda may remain thin with Congress in recess until the end of the month.
  • Argentina inflation due 1900GMT/1400ET. Brazil Retail sales headline the docket on Friday.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.14% at 20.3848
    • USDBRL down 0% at 5.5206
    • USDCLP down 0.68% at 817.72
    • USDCOP down 0.66% at 3948
    • USDPEN up 0.06% at 3.898
    • Bloomberg Dollar Index down 0.06% at 1164.64
    • JPMorgan EM Ccy Index down 0.26% at 53.188
    • WTI Crude Oil (front-month) down $0.5 (-0.61%) at $82.15
    • Gold is down $10.89 (-0.6%) at $1815.47
    • Copper Futures down 4.45 (-0.97%) at 453.15
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