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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
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