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Powell Prompts Greenback Recovery, USDMXN Retraces 1% Off Lows

LATAM
  • Latest Powell comments on retiring the word transitory regarding inflation and an acceleration of the taper pace prompting a recovery for broad dollar indices, turning green for the session despite sitting in significant negative territory beforehand.
  • USDBRL the clear outperformer on the session as the dollar bid sees the pair breakout of a very narrow trading range above 5.61.
  • USDMXN had experienced losses close to 2% amid the early greenback weakness, aided by the extension back below the March high pivot, residing around 21.63. The latest headlines have prompted a 1% recovery from 21.2839 lows.
  • USDCLP unphased by the global market volatility with the Peso hanging on to +1% gains.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.95% at 21.4699
    • USDBRL up 0.84% at 5.6543
    • USDCLP down 1.44% at 830.39
    • USDCOP down 0.81% at 4002.85
    • JPMorgan EM Ccy Index down 0.22% at 52.212
    • S&P E-Mini Future down 63 points (-1.1%) at 4600
    • BBG Commodity Index down 2.6198 points (-2.65%) at 96.0997
  • Local Equity Indices:
    • Brazil Ibovespa down 1932 points (-1.88%) at 100882
    • Mex Bolsa down 350 points (-0.7%) at 49400
    • Chile IPSA Index down 83.74 points (-1.86%) at 4421.88
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