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Greenback Weakness Spurs MXN, Chilean Peso Underperforms

LATAM FX
  • US ISM services saw a small miss in February at 52.6 (cons 53.0) after 53.4. The more notable misses for prices paid 58.6 (cons 62.0) after 64.0 and employment 48.0 (cons 51.4) after 50.5 have contributed to some downside for the greenback in the aftermath.
  • Across LatAm FX, the Mexican peso is the biggest beneficiary, with USDMXN extending its most recent weakness below 16.95 in recent trade. The 17.00 handle has been cleared and a continuation lower would signal scope for a move towards the key support at 16.7852, the Jan 8 low. A break of this level would resume the downtrend.
  • USDBRL has also seen some downside pressure, falling from 4.96 and matching Monday’s lowest level around 4.94, although as previously noted, the short-term technical parameters continue to be well respected.
  • In similar price action to yesterday, the Chilean peso underperforms and USDCLP briefly rose back above 980 prior to the US data. The latest pullback appears to be a correction and sights remain on 996.97, the Sep 2022 high and the psychological 1000.00 handle. Initial firm support moves up to 965.37, the 20-day EMA.
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