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Mex GDP & BanRep Decision, Global Markets Dominated By JPY Weakness

LATAM
  • A very busy LatAm docket on Friday which is headlined by Q1 GDP figures for Mexico. For Brazil, we will see February economic activity and March unemployment rate data, as well as budget balance data for March. In Chile, production, unemployment and retail sales figures will cross before Colombia’s march unemployment rate data.
  • Additionally, we have BanRep’s April decision due around 1900BST/1400ET. While analysts had been evenly split between a hold and a 25bp rate hike, the most recent market pressures surrounding the cabinet reshuffle and the removal of Jose Antonio Ocampo as finance minister may have tilted the balance to a cycle ending hike.
  • Overnight, moves in global markets have been dominated by the Japanese Yen, comfortably the weakest performer in the G10 following the latest BoJ Monetary Policy decision. The BoJ removed reference to Covid in its forward guidance. It also removed reference to rates in terms of the guidance (expecting rates to remain at low or present levels was left out), but the Bank left in that is prepared to take further easing measures if necessary. The BOJ will also conduct a review, which is expected to take 1 to 1.5 yrs. The substantial USDJPY rally north of 136.00 leaves the USD index up around half a percent.
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