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MXN & BRL Trade On Firmer Footing, CLP Remains Notable Underperformer

LATAM FX
  • With the USD index off its worst levels, the lower US yields have assisted both the Mexican Peso and the Brazilian real back to flat on the session in recent trade. Diverging price action across the region, however, sees the Chilean peso briefly extend its losses to 2%.
  • For USDBRL, spot has bridged the gap from the open which initially saw the pair trade to a fresh high of 5.0548. While we have edged back towards 5.02, price remains above the key breakout point around the 5.00 handle and bullish conditions remain intact. A turn higher would highlight a clear break of they key pivot and signal scope for a test of 5.0609, 61.8% of the Oct 6 - Dec 27 bear leg. Clearance of this retracement would open 5.0983, the Oct 20 ‘23 high. Initial key support to watch lies at 4.9535, the Mar 14 low.
  • For USDMXN, the recent break of key support at 16.7852, the Jan 8 low, confirmed a resumption of the downtrend and this has opened 16.6262, the Jul 28 2023 low. Initial resistance is at 17.0100, the 50-day EMA.
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