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LatAm FX Broadly Outperforms, COP Under Pressure

LATAM
  • Despite the strength for broad dollar indices on Tuesday and soft price action across major equity indices, Latin American currencies are performing well on Friday.
  • In a week blighted by headlines surrounding the Brazilian central bank’s autonomy and discussion over inflation target adjustments, BRL is parring losses into the weekend and is the strongest regional performer to finish the week. Markets will continue to monitor any headlines between President Lula and Biden, however, meetings are intended to be focused around support for democracy, human rights and the environment.
  • USDMXN continues its downward trajectory following Banxico’s hawkish surprise on Thursday and markets will pay particular focus to the US CPI data next week as the pair gravitates toward very significant technical support at 18.50.
  • Despite a more positive week for oil prices, the Colombian peso has remained under pressure and is the standout underperformer on Friday. This may be potentially reflecting the lower-than-expected inflation data, released to start the week.
  • Next week’s data calendar highlights are Colombia trade & GDP data, Argentina inflation, Peru economic activity and Brazil economic activity.
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