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LATAM: Summary – October 15

LATAM
EM BulletBulletGlobalEmerging Market NewsRegion
  • Peru economic activity data will be published on Tuesday, with growth expected to moderate to 3.4% y/y in August, from 4.5%. September unemployment data for Peru will also cross, while Colombia will release industrial production and retail sales figures for August.
  • In the G10, Canadian inflation data for September crosses later today, with markets expecting the y/y headline to fade to 1.8% from 2.0% although the BoC's preferred core inflation measure is seen at 2.5% - any variance here could help drive market conviction for the BoC's October decision, with pricing keenly split between a 25 or a 50bp rate cut.
  • JPY strength gathered pace overnight on the mixed performance for Asia-Pac equities, as Hong Kong names were particularly weak. Concerns over the potential minimal impacts of stimulus, geopolitical risk and soft China data out yesterday and over the weekend continued to weigh on sentiment. USD/JPY moved briefly below the week's low at 148.98, but support is seen stronger into 147.53, the 23.6% retracement for the recovery off the mid-September low.
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  • Peru economic activity data will be published on Tuesday, with growth expected to moderate to 3.4% y/y in August, from 4.5%. September unemployment data for Peru will also cross, while Colombia will release industrial production and retail sales figures for August.
  • In the G10, Canadian inflation data for September crosses later today, with markets expecting the y/y headline to fade to 1.8% from 2.0% although the BoC's preferred core inflation measure is seen at 2.5% - any variance here could help drive market conviction for the BoC's October decision, with pricing keenly split between a 25 or a 50bp rate cut.
  • JPY strength gathered pace overnight on the mixed performance for Asia-Pac equities, as Hong Kong names were particularly weak. Concerns over the potential minimal impacts of stimulus, geopolitical risk and soft China data out yesterday and over the weekend continued to weigh on sentiment. USD/JPY moved briefly below the week's low at 148.98, but support is seen stronger into 147.53, the 23.6% retracement for the recovery off the mid-September low.