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Dollar Reversal Erases Optimism in MXN, BRL and CLP – PEN outperforms

LATAM FX
  • A turnaround in the greenback led to most recent local currency strength being unwound during the US session on Wednesday.
  • MXN - As of writing the Mexican Peso is set to end a 3 day winning streak, recently spurred on by the US employment report and mid-term election results. Bouncing roughly 0.75% from 19.60 lows, the pair is currently consolidating around the most recent breakout point of 19.72.
  • BRL - USDBRL once again failed at significant multi-day support around 5.01/02. Despite inflation surprising once again to the upside, a third unsuccessful attempt to break support, prompted weak shorts to bail on positions, bolstered by the bid in the US dollar.
  • PEN bucked the trend in the region, with USDPEN selling off around 1.8% to 3.8625. Despite leftist Pedro Castillo indicating he had won Sunday's election, comments that the business sector was showing support for his party buoyed the Sol on Wednesday. Additionally, profit taking may have been in play as USDPEN faltered at 4.00 and there is still a degree of uncertainty with the election result still in the balance.
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