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Local Currencies Weakening On Broad US Dollar Strength

LATAM FX
  • LATAM FX: Local currencies weakening following strong US data with a big beat in the MNI Chicago PMI lifting the dollar. With options expiry out of the way, focus turns to month end where signals that flows may lead to dollar selling may be exacerbating the current bid in the greenback. Also comments from Fed's Kaplan: 'Fed Should Start Talking About Tapering Bond Buying Soon', providing additional impetus for the dollar and weighing on equities.
  • USDMXN gain 0.5% to approach yesterday's high at 20.16.
  • USDBRL the biggest beneficiary gaining just under 1% and potentially running into resistance levels at the 100 and 200-day Mas that were previously broken earlier in the week. Despite the sell-off in the Real, gains for the week still total 2%.
  • USDCLP extends the squeeze above 710. BBVA released a note exiting their recommendations on Chilean local rates as a proposed cut in value-added-taxes to certain goods and services may delay the central bank's hiking cycle.
  • - Bloomberg Dollar Index up 0.43% at 1130.1
  • - JPMorgan EM Ccy Index down 0.36% at 57.054
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