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COP Underperforms Despite Rally In Crude Futures

LATAM
  • Mixed performance among Latam currencies approaching the Fed with the Brazilian Real and Colombia peso unable to benefit from higher oil prices.
  • Despite USDMXN edging lower, a bullish technical theme remains intact. Note that a double bottom reversal pattern has also been confirmed on the daily chart, reinforcing a short-term bullish theme.
    • Attention is on the 50.0% Fibonacci retracement of the Mar-Apr range, at 20.5975. This level has been probed, a clear break would open 20.8028, the 61.8% retracement.
  • Below gives key levels of LatAm markets in current trade:
  • USDMXN down 0.27% at 20.2346
  • USDBRL up 0.73% at 4.9971
  • USDCLP up 0.61% at 860.67
  • USDCOP up 1.22% at 4076.96
  • USDPEN down 0.76% at 3.7885
  • BBG Dollar Index down 0.1% at 1245.01
  • JPMorgan EM Ccy Index up 0.21% at 52.377
  • S&P E-Mini Future up 15.5 points (0.37%) at 4184.5
  • BBG Commodity Index up 2.8539 points (2.22%) at 131.4894
  • WTI Crude Oil (front-month) up $5.17 (5.05%) at $107.58
  • Copper Futures up 5.75 (1.35%) at 432.85
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