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Currencies Firming As USD Moderately Retreats, USDMXN Breaches Support

LATAM FX
  • LatAm FX: A slightly softer greenback over the past couple of hours is underpinning some moderate strength in LatAm currencies on Thursday.
  • The Brazilian real has erased some early losses and USDBRL is extending towards the lows of the day on the back of the Lula headlines indicating he has no interest in fighting with the nation’s central bank.
  • USDMXN is also piercing major support at 18.50, amid continued resilient trading. As noted, key support and the bear trigger is at 18.50, a break of which resumes the technical downtrend. Below here we have, 18.4050 as initial support, however, more significant support is further out at 17.9401, the 2018 lows.
  • With an empty calendar in the region for the rest of the week the likely focus will be on the debate in Peru’s congress and any developments regarding the scheduling of early elections.
  • Next week’s data highlight will be both Mexican and Brazilian mid-month inflation data as well as Mexican activity & growth figures.
  • Worth highlighting that Monday marks President’s Day in the US and local market closures scheduled for Carnival.
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