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Most Local Currencies Struggle Amid Buoyant Greenback

LATAM FX
  • CLP hit a 6-month low against the dollar as Chile markets return from the national holiday yesterday. Political uncertainties continue to linger with the president announcing the assembly to draft a new constitution, will hold its first session on July 4. Additionally, despite a rebound in copper prices, concerns over Chinese caps on prices leaves us just above the Friday highs at 425.
  • USDPEN continues it's slow gring back towards the post runoff highs at 3.99. Losses are broadly in line with the daily change seen in MXN.
  • BRL continues to outshine its regional counterparts, following a more hawkish set of minutes earlier today. The minutes have prompted Itaú to adjust their forecast for a 100 bps hike in August, combined with BofA who now predict a year-end Selic rate of 7% (previously 6.5%).
    • USDMXN up 0.41% at 20.5761
    • USDBRL down 0.25% at 5.0025
    • USDCLP up 0.36% at 751.15
    • USDCOP up 0.54% at 3779.39
    • USDPEN up 0.5% at 3.9729
    • BRLMXN up 0.64% at 4.113
    • BBG Dollar Index up 0.24% at 1142.73
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