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Regional Losses In Line With Broad Dollar Index Strength.

LATAM FX
  • Both USDMXN and USDBRL have edged towards their best levels of the day, up around 0.6% on the day. USDBRL printed just above 5.30 with continued strong support on dips for the pair and in close proximity of notable resistance at the 5.3130 high.
    • Latest from Campos Neto is he believes Brazil's consumer confidence won't recover fast.
  • Conflicting presidential election polls and heavy copper prices have left USDCLP in a much tighter range on Tuesday. Following the significant push higher yesterday for the pair, the consolidation just below most recent highs around 796 may be a signal of building topside momentum with technical indicators remaining in bull mode.
  • COP is the weakest on the day, retreating 0.85%. Weaker than expected GDP figures, lower oil prices and a stronger dollar all to blame. Additionally, following the strong Ecopetrol-ISA fuelled rally and rejection of 4000, USDCOP had depreciated significantly over the past week with some consolidation predictably expected.
  • A very narrow range for PEN, hovering just below the all-time-lows. The decision on the BCRP board members, the cabinet confidence vote and the 2022 Budget Law proposal remain key political risk events that will garner market focus over the coming weeks.
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