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LATAM FX: Broad Based Weakness Amid Oil Pressure, Technical Factors Weigh

LATAM FX
EM BulletBulletGlobalEmerging Market NewsRegion
  • Despite the moderate pull lower for the USD index on Tuesday, emerging market currencies are also on the back foot, weighed by the significant weakness for commodity indices, mainly impacted by the steep declines for crude futures. There has been broad weakness for Latin American FX, with the USDMXN (+0.83%) rally leading the charge and technical themes remaining bullish for most USD/LatAm pairs.
    • MXN: First resistance and a key short-term hurdle for bulls, is not until 19.8295, the Oct 1 high.
    • BRL: USDBRL is holding on to its recent gains and remains above the 50-day EMA, with attention remaining on resistance at 5.6917, the Aug 30 high and a bull trigger.
    • CLP: The extension of USDCLP’s recovery signals scope for further gains, towards 951.80, the Sep 10 high.
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  • Despite the moderate pull lower for the USD index on Tuesday, emerging market currencies are also on the back foot, weighed by the significant weakness for commodity indices, mainly impacted by the steep declines for crude futures. There has been broad weakness for Latin American FX, with the USDMXN (+0.83%) rally leading the charge and technical themes remaining bullish for most USD/LatAm pairs.
    • MXN: First resistance and a key short-term hurdle for bulls, is not until 19.8295, the Oct 1 high.
    • BRL: USDBRL is holding on to its recent gains and remains above the 50-day EMA, with attention remaining on resistance at 5.6917, the Aug 30 high and a bull trigger.
    • CLP: The extension of USDCLP’s recovery signals scope for further gains, towards 951.80, the Sep 10 high.