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Greenback Weakness Lends Support To Regional Currencies

LATAM FX
  • Broad-based dollar weakness this afternoon, supported by soft Philly Fed non-manufacturing activity data earlier, is driving a rally in Latam FX early in the session. USDMXN and USDBRL have shown consistent weakness, while USDPEN gapped lower on the open, extending the move from late last week amid reports of Peru’s central bank selling dollars through FX swaps and spot markets.
    • USDMXN is currently piercing initial support at the 17.00 handle and further weakness would highlight key support and the bear trigger, which remains at 16.7852, the Jan 8 low.
    • USDBRL has made a decisive move lower through last week’s lows around 4.9450, taking the pair to the lowest since Feb 2. Initial key support to watch lies at 4.9025, the Jan 26 low, a breach of which would be a bearish development. On the upside, attention remains on key resistance at 5.0017, the Jan 23 high.
    • USDCLP continues to hover around 962-963, having outperformed regional peers through yesterday’s session. Nonetheless, price action is still considered corrective at this juncture. Initial firm support moves up to 950.70, the 20-day EMA.
    • USDPEN has continued lower through 3.77, having closed Monday’s session below 3.80 for the first time since Jan 26. This extends the pullback from the February highs to 3.19%.
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