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React: Greenback Under Pressure Following US Inflation Data

LATAM FX
  • March US inflation data showed the weakest M/M core print since September 2021 and the biggest core goods drop since April 2020. With the data potentially calling into question the 50bp May hike, the dollar is sharply lower across the board. Tempering that sentiment slightly is the core services +0.595% M/M was highest since 1991.
  • LatAm currencies buoyed following the data with BRL leading the way, rising 1.5%. USDCLP has also come under pressure retreating from 819.73 session highs to 808.90 as of writing.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.67% at 19.8034
    • USDBRL down 1.48% at 4.6255
    • USDCLP down 1.02% at 808.9
    • USDCOP down 0.77% at 3710.7
    • Bloomberg Dollar Index down 0.29% at 1204.69
    • USDCNH down 0.21% at 6.3755
    • JPMorgan EM CCY Index up 0.4% at 53.208
    • S&P E-Mini Future up 51 points (1.16%) at 4462.25
    • BBG Commodity Index up 1.8167 points (1.44%) at 127.7124
    • WTI Crude Oil (front-month) up $3.51 (3.72%) at $97.78
    • Gold is up $19.01 (0.97%) at $1972.24
    • Copper Futures up 3.25 (0.7%) at 466.55
    • US 10-Yr yield is down 6.5 bps at 2.7156%
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