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LatAm FX Struggles, Brazil PMI & Uruguay Inflation Data Due

LATAM
  • Brazil’s November composite and services PMI data will be released, as well as Uruguay CPI for November. Despite US yields shifting moderately lower, the dollar is tilted to the upside which is helping USD/LatAm consolidate strong gains made in the prior session.
  • Israel’s military is expanding its operations across the Gaza Strip, with the expectation of a ground invasion of southern Gaza looming and warnings to many of the territory’s 2.2 million residents to evacuate again. At the same time, a US Navy ship responded to a flurry of drone and missile attacks against commercial ships operating in the Red Sea, underscoring the potential for the nearly two-month-old Mideast conflict to widen into a broader war.
  • China: Moody’s cut its outlook for Chinese sovereign bonds to negative, underscoring deepening global concerns about the level of debt in the world’s second-largest economy. Moody’s lowered its outlook to negative from stable while retaining a long-term rating of A1 on the nation’s sovereign bonds, according to a statement. China’s usage of fiscal stimulus to support local governments and its spiralling property downturn is posing risks to the nation’s economy, the grader said.
  • Another ECB hike in borrowing costs probably won’t happen in light of last week’s consumer-price data, according to Executive Board member Isabel Schnabel. “The most recent inflation number has made a further rate increase rather unlikely,” she said in an interview with Reuters that was transcribed on the ECB’s website.
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