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PEN Weakness Resumes As Lima Protests Set To Continue

PERU
  • Peruvian farmers and other protesters are heading to Lima, defying the state of emergency to express their anger with and to demand the resignation of President Dina Boluarte. This comes following weeks of demonstrations in impoverished rural areas failed to dislodge her.
    • This latest round of protests is set to start today, according to a statement from Peru’s National Association of Small Farmers, or Coprofam, which is helping organize the mobilization.
    • According to AFP, counter-protests are already underway in a sign of divisions wracking the country. One of Peru's biggest labor unions, the General Confederation of Workers, has called a strike for Thursday.
  • The Peruvian Sol opened in firmer territory on Wednesday and despite consolidating for much of the session, the late USD strength and regional currency weakness led USDPEN to close near to unchanged for the day. PEN weakness has resumed on Thursday with USDPEN now trading at one-month highs above 3.86.
  • 58% of Peruvians consider there were excesses on the part of the forces of law and order in the face of the protests, according to an Institute of Peruvian Studies poll this month. The same survey indicated that 83% of those polled were in favour of bringing forward elections and just 3/10 Peruvians approved of Boluarte’s government.
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