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LATAM: Regional Currencies Buoyed By Rebound In Commodities

LATAM
  • Despite a moderate recovery in the greenback following the above consensus core CPI data, Latam currencies continue to trade firmer on the day, with BRL (+0.4%) and CLP (+0.8%) posting moderate gains against the dollar.
    • USDBRL briefly dipped below 5.61, before paring some of the move, currently trading around 5.64. For USDBRL, bullish conditions remain intact, with attention on 5.7422, the 76.4% retracement of the Aug 5 - 19 downleg. Firm support to watch is 5.5352, the 50-day EMA.
    • Brazilian retail sales highlights the Latam docket tomorrow, for one of the final pieces of information ahead of the Sept 18 Copom meeting.
    • Meanwhile, CLP is buoyed by the rebound in copper prices today, which has brought USDCLP back towards weekly lows. However, a bullish theme for USDCLP remains in place, with focus on 953.93 next, the Aug 6 high, ahead of 966.61, the Aug 5 high. First support is at 932.46, the 20-day EMA.
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EM BulletBulletGlobalEmerging Market NewsRegion

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