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Divergence in CLP (+0.2%) and BRL (-0.85%) In Early Trade

LATAM
  • USDCLP opening below 700 and noted support at 699.19. Following yesterday's trendline break and continued strength in copper, it is likely markets will eye the 2021 lows at 693 as the primary target. Hacienda continue to sell dollars at a more aggressive pace of $150 million per day in April with their adjusted upper limit of $3 billion for the month.
  • In contrast BRL (-0.85%) has come under immediate pressure from the open, erasing yesterday's gains back above 5.65 in USDBRL. The local swaps curve has also started the session poorly as markets potentially are digesting the more realistic scenario that Lula runs in 2022, further muddying the political waters.
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