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More Positive Signs As Further Road Blockades Lifted, GDP Data Due

PERU
  • A road blockade that disrupted key mining operations in Peru’s south has been lifted, a person familiar with the information said. Companies that use the corridor include MMG Ltd’s Las Bambas, Glencore’s Antapaccay and Hudbay’s Constancia.
  • As noted yesterday, social unrest that has heavily impacted Peru’s mines, agriculture and tourism appears to be losing momentum, potentially boosting the chances of a more stable economic outlook with President Dina Boluarte still in power.
  • Despite key demands such as early elections not yet being met, the number of roadblocks has fallen by three quarters from a peak in January, according to Peru’s highway authority.
  • The Peruvian Sol is sharing the optimism with USDPEN trading to a near six-week low on Wednesday of 3.8045. Support for the pair is seen at the 2023 lows of 3.7710.
  • Growth data due today: Q4 GDP Y/y, est. 1.5%, prior 1.7%.
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