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EMFX Buoyed, CLP Extending Gains Amid Weaker Greenback

LATAM
  • A firmer risk backdrop is lending support to LatAm currencies to finish the week. Higher equities and a bolstered commodity index has stabilised local currencies that have recently suffered amid global growth anxieties and a surging US dollar.
  • The Chilean peso is extending gains to around 6%, with the central bank’s fx intervention guidelines and associated rhetoric having the immediate desired effect.
  • We are still awaiting economic activity & unemployment data from Peru, as well as output data from Colombia before the close.
  • Next week, economic activity data will be published for Colombia and Argentina before mid-month inflation data from Mexico will hit the wires on Friday. There are no central bank meetings next week.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.81% at 20.6317
    • USDBRL down 0.68% at 5.3873
    • USDCLP down 5.95% at 986.3
    • USDPEN down 0.72% at 3.875
    • Bloomberg Dollar Index down 0.37% at 1292.48
    • JPMorgan EM Ccy Index up 1.03% at 49.68
    • S&P E-Mini Future up 57.75 points (1.52%) at 3851
    • BBG Commodity Index up 1.1565 points (1.04%) at 112.8593
    • WTI Crude Oil (front-month) up $2.59 (2.7%) at $98.38
    • Copper Futures down 0.35 (-0.11%) at 320.70
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