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Regional Currencies Buoyed By Firmer Equities, Softer Greenback

LATAM FX
  • Higher equity indices and a softer greenback providing an optimistic backdrop for Latin American currencies on Friday with both USDMXN and USDBRL pushing to fresh trend lows in recent trade and bolstering their short-term bearish technical outlooks. The final reading for University of Michigan sentiment rounds off the week, with markets focusing on any inflation expectations revisions as they begin to capture the soft July US CPI.
    • USDMXN: Key level to the downside are 16.4472, the 2.0 projection of the Jun 2 - Mar 9 - Mar 20 price swing.
    • USDBRL: 4.6910, the May 30 2022 low, has come close to being tested. A sustained break of this level would concentrate markets on the 2022 lows at 4.5836.
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