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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
PERU
- PERU - Despite no official announcement regarding the new president, analysts are seeing signs of cautious behaviour as Peruvians remain wary of a Castillo-led Peru.
- A small mutual-fund firm in Lima, Faro Capital, says its clients pulled half of all their money in the run-up to the vote and the one month since. The "big fear," as Faro's chief investment officer, Fernando Garcia, puts it, is that Castillo will slap restrictions on Peruvians' purchases of dollars and euros, just like Argentina and Venezuela did in recent years. (BBG)
- Whether this concern is justified or not -- Castillo's top economic adviser insists the angst is overblown -- it's driving the wealthy to get their money out while they can.
- FX interventions (helping to prop up a depreciating Sol), along with a decline in dollar deposits held at local banks, have driven down Peru's foreign reserves -- the hard currency that forms a country's financial safety net -- in each of the past three months.
- For reference, the Peruvian central bank will meet and release their statement tomorrow with 7/8 analysts expecting rates to remain at 0.25%. Pantheon Macroeconomics are calling for a 25bps increase to 0.5%.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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