May 15, 2024 13:03 GMT
CLP Outperforming As Copper Rallies Further
LATAM FX
- Regional currencies have strengthened following the US CPI and retail sales data, though gains have been pared in recent trade.
- CLP is the outperformer, gaining by 0.8% against the dollar, buoyed also by the further rally in copper prices today. USDCLP is now trading below 910, narrowing the gap to the 901.73 lows from Jan 22.
- MXN is modestly stronger against the dollar on the day, ultimately continuing to trade in a tight range.
- BRL remains the underperformer and continues to trade weaker against the dollar today following the previously reported news that Petrobras CEO Prates was fired by President Lula yesterday. The currency is trading off its lows for the day, however, benefitting from recent remarks from BCB Governor Campos Neto, reaffirming the central bank’s commitment to the inflation target and need to re-anchor inflation expectations.
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