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LatAm FX Heavily Pressured Following US Data

LATAM

Latam FX has been heavily pressured by the US payrolls data and subsequent rally in the dollar, with USDMXN, USDBRL, USDCLP and USDCOP all recording fresh cycle highs. 10y US Tsy yields have reached their highest level since 2007, while major global equity indices have recorded notable intraday losses – providing a significant headwind to most emerging market currencies.

  • USDMXN maintains a technical bullish tone with the pair having traded higher this week and again today. The rally confirms a resumption of the uptrend that started Jul 28. Sights are on $18.6172, the 76.4% retracement of the Mar 20 - Jul 28 downleg. A break of this level would open 19.2322, the Mar 20 high.
  • The bull cycle in USDBRL remains intact with the pair trading higher again today, extending the uptrend. Scope is seen for a climb towards 5.2495, the Mar 27 high, and 5.3409, the Mar 24 high, further out.
  • USDCLP this week breached 912.45, the Sep 27 high. Moving average studies are in a bull-mode position and scope is seen for a climb towards 926.51, the Nov 28 high, and 944.89, the 76.4% retracement of the Sep 26 2022 - Feb 3 bear leg.
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