FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MXN Extends Losses To 1%, CLP Outperforms

LATAM FX
  • The Chilean Peso sits atop the regional leaderboard on Tuesday as markets reopened following a local holiday on Monday. USDCLP came under significant pressure after the news that Hacienda estimate that a total of up to US$ 5 billion of excess liquidity in foreign currency will be auctioned, with a daily maximum of US$ 200 million.
  • While the initial price action saw USDCLP dip back below 900, and down roughly 2% since Friday’s close, the pair has recovered a good chunk of the move lower following various analyst notes expecting the euphoria to be short-lived.
  • On the other hand, renewed weakness in equities and the subsequent supportive price action for the greenback has boosted USDMXN. The pair has bounced just over 1%.
    • Following the latest breach of both the 20- and 50-day EMAs the risk of a deeper retracement near-term had increased. Despite this, the pullback is considered corrective overall and key resistance remains unchanged at 20.7014, of which a break would confirm a resumption of bullish activity.
  • Just Chilean unemployment rate data tomorrow. The focus remains on Thursday where Brazil will publish their quarterly inflation report and BanRep have a rate decision.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.95% at 20.112
    • USDBRL up 0.61% at 5.2702
    • USDCLP down 1.08% at 910.74
    • USDCOP down 1.01% at 4096.76
    • USDPEN up 0.34% at 3.7877
    • USDARS up 0.13% at 124.875
    • Bloomberg Dollar Index up 0.47% at 1259.02
    • JPMorgan EM Ccy Index down 0.39% at 51.592
    • S&P E-Mini Future down 70.5 points (-1.81%) at 3833
    • WTI Crude Oil (front-month) up $2.25 (2.05%) at $111.82
    • Copper Futures down 0.9 (-0.24%) at 375.35
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.