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Congress To Consider New Boluarte Impeachment Motion

PERU
  • As reported yesterday, Peru’s congress will consider whether to admit an impeachment motion against President Dina Boluarte today. This latest impeachment motion came from leftist lawmakers, based on alleged moral incapacity. Despite the president’s extremely low approval rating, the latest attempt at impeachment is likely to ultimately fail again as it would require 87 votes out of 130 in congress to oust Boluarte.
  • Earlier today, Reuters reported that Peru’s consumer prices rose by 0.56% m/m in February, according to data published by the national statistics agency INEI. This could imply an upward surprise for annual inflation in February, with Bloomberg's median estimate currently expecting a further downtick to 2.90% for the annual Lima CPI figure.
  • USDPEN has continued to grind lower this week, following the recent intervention by Peru’s central bank, which has been estimated at over $1.5bn in February. The pair closed yesterday at 3.7801, taking the pullback from the February highs to around 2.79%. BBVA note that their inclination continues to be biased for a weaker PEN, but they add that BCRP has shown that it can and will move the market if it deems it necessary.
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