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Mexican & Chilean Pesos Extend Losses

LATAM FX
  • Higher US yields following the inflation data and the most recent selloff for major equity indices continues to underpin the greenback rally and hamper Latin American currencies. With BRL closed for a holiday, the pressure has been centred around both MXN and CLP, extending losses to over 1.2% against the greenback.
  • Although USDMXN has recovered from its lows, the pair still remains over a percent lower on the week following some more constructive price action for the Peso in prior sessions. Overall, conditions remain bullish and initial support at the 20-day EMA has held. The recent rally confirms a resumption of the uptrend that started Jul 28. Sights are on $18.6172, the 76.4% retracement of the Mar 20 - Jul 28 downleg.
  • In Chile, USDCLP continues to surge to fresh cycle highs, printing above 940 in recent trade. This extends the bounce off today’s lows to around 1.8%.
  • There are no data releases in either Mexico or Chile on Friday.
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