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LATAM FX: Lower US Yields Assisting Regional Currencies, USDBRL Falls 1.25%

LATAM FX
  • USDMXN weakness on the back of the lower US yields has seen spot narrow the gap to support which lies at 18.1278, the 20-day EMA. The average has recently been pierced and a clear break would expose the 50-day EMA, which moves up to 17.6760.
  • The backdrop is also supporting the Brazilian Real on Wednesday, with news of Lula’s meeting with ministers later today also potentially spurring hopes of a more positive commitment to fiscal prudence. Despite the 1.25% USDBRL pullback, bullish conditions for the pair remain intact and fresh cycle highs this week confirm once again a resumption of the uptrend. 5.7134, the 1.382 projection of the Dec 27 ‘23 - Apr 16 - May 3 price swing has so far capped the upside and will be monitored ahead of the cluster of highs around 5.75. On the downside, initial support to watch lies at 5.4499, the 20-day EMA.
  • The Chilean peso is benefitting from the 2.4% increase for copper prices on Wednesday. USDCLP sits 0.6% lower on the session, however, trend conditions remain bullish, with short-term parameters well established. On the topside, sights are on 964.03, 76.4% of the bear leg between Apr 16 and May 20. First support to watch lies at 908.75, the Jun 12 low.
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