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LATAM: Summary – September 16

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EM BulletBulletGlobalEmerging Market NewsRegion
  • The BCB’s weekly Focus survey will be released on Monday, ahead of this week’s Copom meeting. In the previous survey, analysts raised their 2024 Selic rate forecasts by 75bp to 11.25%. Colombia IP and retail sales figures will also cross, with activity expected to have improved in July.
  • Elsewhere, Canada manufacturing sales and US Empire State manufacturing headlines a quiet economic calendar. A reminder that both Japan and China remain out for respective national holidays on Monday.
  • USD / JPY - The continued uncertainty over the Fed’s decision this week and the associated downward pressure on US yields has weighed on the greenback Monday, with the USD index down 0.44% mid-way through the European session. The tilt towards 50bp being a very possible scenario has supported the Japanese Yen, with USDJPY dipping briefly below the 140.00 mark for the first time since July 2023.
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  • The BCB’s weekly Focus survey will be released on Monday, ahead of this week’s Copom meeting. In the previous survey, analysts raised their 2024 Selic rate forecasts by 75bp to 11.25%. Colombia IP and retail sales figures will also cross, with activity expected to have improved in July.
  • Elsewhere, Canada manufacturing sales and US Empire State manufacturing headlines a quiet economic calendar. A reminder that both Japan and China remain out for respective national holidays on Monday.
  • USD / JPY - The continued uncertainty over the Fed’s decision this week and the associated downward pressure on US yields has weighed on the greenback Monday, with the USD index down 0.44% mid-way through the European session. The tilt towards 50bp being a very possible scenario has supported the Japanese Yen, with USDJPY dipping briefly below the 140.00 mark for the first time since July 2023.