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Mixed Performance For Local Currencies, COP Outperforms

LATAM FX
  • Broad Dollar weakness has extended following that 11 point drop in the UMich consumer sentiment survey. USDMXN at the lower end of most recent ranges and notably below levels seen heading into the Banxico rate decision yesterday. The pair will now focus on the cluster of lows just above 19.80 before more firm support at 19.7059.
  • Pressure in local rates on the back of heightened political fragility is weighing on BRL. As such, the general greenback weakness providing little support for the real, USDBRL approaching the key resistance seen at 5.3130, the Jul 8 high.
  • As mentioned earlier, countering reports relating to mining strike activity keeping USDCLP broadly unchanged for the session. Recent political comfort following a boost for the centre-right presidential candidate is seeing the Peso consolidate gains after USDCLP came in close proximity to 800 pivot/psychological resistance.
  • Colombian peso and Peruvian Sol seeing solid gains. The peso is still reacting positively to the state-controlled oil company Ecopetrol SA signing a $3.6 billion deal with the Finance Ministry to acquire electricity transmission company ISA with the sale flows being COP supportive. In Peru, the BCRP's rate hike saw a quick spike for PEN, however, having pared some of those gains, USDPEN change looks broadly in line with the moves in broad dollar indices.
    • USDMXN down 0.49% at 19.8669
    • USDBRL up 0.37% at 5.2732
    • USDCLP up 0.09% at 775.1
    • USDCOP down 0.71% at 3830.62
    • USDPEN down 0.37% at 4.0736
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