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LATAM: Summary – September 18

LATAM
EM BulletBulletGlobalEmerging Market NewsRegion
  • USD - The dollar is trading in the red going into the US session ahead of the key event for the day, the Fed, which at a minimum will cut by 25bp, while a 50bp cut option is still being debated among desks. Despite the pullback lower in treasury futures and higher yields, as investors trim long positions in bonds following the in-line retail sales data yesterday, the dollar has not really benefitted from the cross-asset price action.
  • Besides the Fed interest rate decision, US mortgage applications and August housing starts and building permits will also cross earlier in the session.
  • In Latam, attention will turn to the BCB after the Fed meeting, where a short-lived tightening cycle is expected to start with a 25bp hike in the Selic rate to 10.75%. Elsewhere, Mexico Q2 aggregate supply and demand, Colombia July economic activity and Argentina Q2 GDP are all due. In Colombia, activity is expected to rebound by 2% y/y, while Argentina GDP is expected to fall by 1.4% q/q and 1.7% y/y.
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  • USD - The dollar is trading in the red going into the US session ahead of the key event for the day, the Fed, which at a minimum will cut by 25bp, while a 50bp cut option is still being debated among desks. Despite the pullback lower in treasury futures and higher yields, as investors trim long positions in bonds following the in-line retail sales data yesterday, the dollar has not really benefitted from the cross-asset price action.
  • Besides the Fed interest rate decision, US mortgage applications and August housing starts and building permits will also cross earlier in the session.
  • In Latam, attention will turn to the BCB after the Fed meeting, where a short-lived tightening cycle is expected to start with a 25bp hike in the Selic rate to 10.75%. Elsewhere, Mexico Q2 aggregate supply and demand, Colombia July economic activity and Argentina Q2 GDP are all due. In Colombia, activity is expected to rebound by 2% y/y, while Argentina GDP is expected to fall by 1.4% q/q and 1.7% y/y.