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LATAM: Summary – November 27

LATAM
  • On Wednesday, Mexico’s trade deficit is forecast to widen slightly in October, while later in the day Banxico will publish its Q3 inflation report. Elsewhere, Brazil formal job creation figures for October will also cross.
  • In the US, the MNI Chicago PMI data is due, with markets expecting an improvement to 45.0, from 41.6. The secondary read for US GDP is unlikely to press prices in either direction, with the weekly jobless claims data to take precedent, brought forward by one day due to the Thanksgiving holidays from tomorrow.
  • The greenback is the poorest performer in G10 FX, with the USD Index showing well through yesterday's lows thanks to both the strengthening JPY as well as a better-bid EUR, which gained on the back of a somewhat hawkish appearance from ECB's Schnabel. USD/JPY's sell-off has extended into a second session, amid building expectation for a BoJ rate hike at the December meeting.
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  • On Wednesday, Mexico’s trade deficit is forecast to widen slightly in October, while later in the day Banxico will publish its Q3 inflation report. Elsewhere, Brazil formal job creation figures for October will also cross.
  • In the US, the MNI Chicago PMI data is due, with markets expecting an improvement to 45.0, from 41.6. The secondary read for US GDP is unlikely to press prices in either direction, with the weekly jobless claims data to take precedent, brought forward by one day due to the Thanksgiving holidays from tomorrow.
  • The greenback is the poorest performer in G10 FX, with the USD Index showing well through yesterday's lows thanks to both the strengthening JPY as well as a better-bid EUR, which gained on the back of a somewhat hawkish appearance from ECB's Schnabel. USD/JPY's sell-off has extended into a second session, amid building expectation for a BoJ rate hike at the December meeting.