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Regional Currencies Benefit From Correction in US Yields

LATAM FX
  • LatAm FX are benefitting from a moderate corrective sell-off in the dollar this afternoon, with the likes of USDCLP, USDMXN and USDBRL all moving lower. The correction looks to be driven by US yields rolling off their highs on a combination of Treasury block buys and risk aversion stemming from the NYCB equity sell-off.
    • USDCLP - Having hit a 15-month high of 959.62 yesterday, there is more optimistic price action for the Chilean peso in today’s session. Nonetheless, having breached key resistance at 955.00, the Oct 16 high, USDCLP maintains a positive technical tone, with 962.86, the Oct 16 ‘23 high, the next topside level of note.
    • After piercing above 5.00 yesterday, USDBRL is also trading with a moderate dovish bias today. Attention remains on the previously pierced key resistance point at 5.0017, the Jan 23 high. A sustained break of this hurdle would open 5.0609, the Oct 31 high. Initial key support to watch lies at 4.9025, the Jan 26 low.
    • Ahead of Thursday’s Banxico meeting, USDMXN continues to trade below 17.3860, the Jan 17 high and the pair has now reversed over 1% from yesterday’s worst levels to reach initial support at 17.0380, the Feb 2 low. Key support and the bear trigger remain further out at 16.7852, the Jan 8 low.
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