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CLP Leading Local Gains Ahead Of FOMC, COP Underperforms On Oil

LATAM FX
  • LatAm currencies on the front foot approaching the March fed decision, benefitting from the renewed optimism in the markets and the significant recovery of global equity benchmarks.
  • The Chilean peso (+1.5%) leads the local currency leaderboard amid the bolstered risk sentiment as well as a 2% rally in copper futures. BRL closely behind, rising just shy of 1% with a minority of analysts expecting a greater than consensus (100bps) rate hike from the BCB after market close.
  • For those that haven’t seen - MNI preview here: https://marketnews.com/mni-bcb-preview-march-2022-reducing-the-hiking-pace
  • Lower oil prices proving a headwind for the Colombian peso, unchanged against the greenback on Wednesday, following yesterdays near 2% bounce off the lows.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.65% at 20.6919
    • USDBRL down 0.95% at 5.1146
    • USDCLP down 1.5% at 798.89
    • USDCOP up 0.01% at 3832.7
    • USDPEN down 0.28% at 3.7274
    • BBG Dollar Index down 0.31% at 1201.58
    • JPMorgan EM Ccy Index up 1.45% at 51.742
    • S&P E-Mini Future up 46.25 points (1.09%) at 4300
    • WTI Crude Oil (front-month) down $0.5 (-0.52%) at $95.98
    • Copper Futures up 8.65 (1.92%) at 458.80
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