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PEN and BRL Top Performers Amid Commodities/Equities Boost

LATAM
  • Both USDPEN and USDBRL have retreated just shy of 1% on Thursday as commodity/equity indices have received a notable boost amid the risk asset rally.
  • CLP and COP have traded in fairly narrow ranges and remain close to unchanged as background political events (elections and constitutional rewrite) continue to garner the market’s attention.
  • Similarly, MXN remains in consolidation mode, towards the lower end of its most recent range, hovering just above the noted hey support of 19.7274, the Apr 4 low
  • A very limited data calendar to end the week, with just formal job creation figures out of Brazil on the docket. The calendar also shows a BanRep board meeting, however, this is part of their regular schedule and does not include any decision on monetary policy.
  • Latest headline: *MEXICO'S LA SUMMIT PARTICIPATION DEPENDS ON WHAT US DOES: EBRARD (BBG)
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.19% at 19.7911
    • USDBRL down 0.87% at 4.785
    • USDCLP down 0.35% at 828.88
    • USDCOP up 0.05% at 3939.35
    • USDPEN down 0.96% at 3.6526
    • USDARS up 0.26% at 119.4153
    • Bbg Dollar Index down 0.17% at 1229.83
    • USDCNH up 0.83% at 6.7679
    • JPMorgan EM Ccy Index down 0.6% at 52.407
    • S&P E-Mini Future up 66.25 points (1.67%) at 4043.25
    • BBG Commodity Index up 2.2376 points (1.69%) at 134.3631
    • WTI Crude Oil (front-month) up $3.86 (3.5%) at $114.28

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