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LATAM: Summary – October 04

LATAM
EM BulletBulletGlobalEmerging Market NewsRegion
  • Focus for Friday turns to the US jobs report, at which markets expect the US to have added 150k jobs over the month, keeping the unemployment unchanged at 4.2%. Nonetheless, there remain upside risks to unemployment, which could further trigger a dovish response via pricing for a 50bp November Fed rate cut.
  • In Latam, the calendar is relatively light, with Mexico unemployment figures for August and September vehicle production due, followed by Brazil September trade data. In Argentina, the BCRA will also publish its latest analyst survey later.
  • GBP is the strongest performing currency in G10, partially reversing the Bailey-inspired sell-off on Thursday. BoE's Pill added to the recent BoE policy mix, tilting hawkish in his view that the Bank should be cautious and avoid cutting rates "too far or too fast". JPY also trades well, although yesterday's USD/JPY high at 147.24 remains intact, allowing the USD/JPY strength to press pause.
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  • Focus for Friday turns to the US jobs report, at which markets expect the US to have added 150k jobs over the month, keeping the unemployment unchanged at 4.2%. Nonetheless, there remain upside risks to unemployment, which could further trigger a dovish response via pricing for a 50bp November Fed rate cut.
  • In Latam, the calendar is relatively light, with Mexico unemployment figures for August and September vehicle production due, followed by Brazil September trade data. In Argentina, the BCRA will also publish its latest analyst survey later.
  • GBP is the strongest performing currency in G10, partially reversing the Bailey-inspired sell-off on Thursday. BoE's Pill added to the recent BoE policy mix, tilting hawkish in his view that the Bank should be cautious and avoid cutting rates "too far or too fast". JPY also trades well, although yesterday's USD/JPY high at 147.24 remains intact, allowing the USD/JPY strength to press pause.