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Higher US Yields Boost Greenback, Weigh On Local Currencies

LATAM FX
  • Despite the sharp turnaround in risk following the safe landing of Speaker Pelosi in Taiwan, pressure across the US Treasuries curve has boosted the greenback and is weighing on Latam FX on Tuesday.
  • Currencies are extending losses as the USD momentum picks up in recent trade as stocks reverse course once more to the downside.
  • For USDMXN bulls, the trigger for a resumption of gains is 21.0535, the Jul 14 high. Initial resistance is at 20.7236, the Jul 22 high.
  • Notably light data docket tomorrow before the Copom decision after market close on Wednesday.
  • Our full preview of the BCB meeting is here: https://marketnews.com/mni-brazil-central-bank-preview-aug-2022-optionality-going-forward
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 1.72% at 20.7189
    • USDBRL up 1.52% at 5.2655
    • USDCLP up 1.76% at 907.65
    • USDCOP up 1.23% at 4322.06
    • USDPEN up 0.74% at 3.9244
    • BBG Dollar Index up 0.65% at 1271.48
    • USDCNH down 0.3% at 6.7633
    • JPMorgan EM Ccy Index down 0.6% at 50.34
    • BBG Commodity Index down 1.4081 points (-1.18%) at 118.4045
    • WTI Crude Oil (front-month) up $2.11 (2.25%) at $95.95
    • Copper Futures down 3.3 (-0.93%) at 350.95
    • US 10-Yr yield is up 14.4 bps at 2.7174%
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