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MXN, BRL Extend Losses Amidst Risk Off Move

LATAM FX
  • Latam currencies remain under pressure through today’s session amid continued strength in the dollar, higher US yields and elevated geopolitical tensions. Notable underperformance is being seen in MXN and BRL, both of which have extended losses to 1.5% or more against the dollar.
    • USDMXN has extended the move higher with the pair reaching a high of 17.0856 earlier, before paring the move in recent trade. Having broken the 17.00 handle, attention turns to the late February highs around 17.15.
    • USDBRL is 1.5% higher on the day at the time of writing, taking the pair to the highest since March 2023. Having cleared 5.22, this signal scope for a climb towards 5.3330, 76.4% of the Nov 11 ‘23 - Jul 28 ‘23 bear leg.
    • The Chilean peso is outperforming peers in the region today, with USDCLP rising by 0.2% to around 981 currently. Focus remains on resistance and the bull trigger at 990.67, the Feb 26 high, a break of which would confirm a resumption of the uptrend and open 1000.00.
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