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Lower US Yields Prompts Swift LatAm FX Bounce

LATAM FX
  • Lower treasury yields in recent trade are weighing on the greenback and benefitting the emerging market currency complex. As such, the likes of MXN and BRL are joining the Colombian peso as the best performers in the region.
  • MXN: Despite trading to an intra-day high of 17.2854 around the start of the US session, USDMXN now finds itself edging towards the week’s lows and initial support at 17.0566, the Jan 22 low. Key support and the bear trigger, continue to lie at 16.7852, the Jan 8 low.
  • BRL: USDBRL equally weak following the BCB confirming market expectations overnight and re-affirming its current strategy of continued gradual easing. Key short-term support has been defined at 4.8032, the Dec 27 low. A break of this level is required to resume the downtrend. Initial support lies at 4.8868, the Jan 16 low.
  • CLP: The Chilean peso is also participating in the latest move, however, it remain in negative territory on the session following the moderate dovish surprise from the BCCh. This prompted USDCLP to gap higher on the open, reaching a three-month high at 941.53. The latest move lower has not yet bridged the gap to the open, with a bullish technical theme continuing to dominate. Resistance is at 955.00, the Oct 16 high.
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