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Risk-Off Weighs On Local Currencies, Relative CLP Strength

LATAM
  • Despite a bounce in most recent trade, the continued downward pressure on global equities is weighing on Latam FX with most local currencies in the red to start the week.
  • Worth noting the moves continue to be small in comparison to the equity-rout and currencies such as the Chilean Peso showing great resilience. USDCLP broadly unchanged for the session as markets continue to factor in a more moderate Boric agenda and risk premiums are priced out of local assets.
  • The CLP Camara curve continues its relief rally, with swap rates across the curve falling between 2-4bps, extending the large move seen on Friday where the belly and the long end fell close to 30bps.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.48% at 20.5718
    • USDBRL up 0.72% at 5.4907
    • USDCLP up 0.16% at 799.44
    • USDCOP up 0.6% at 3981.63
    • USDPEN up 0.19% at 3.8414
    • Bbg Dollar Index up 0.39% at 1176.43
    • JPMorgan EM Ccy Index down 0.52% at 53.014
    • S&P E-Mini Future down 88 points (-2%) at 4301.25
    • BBG Commodity Index down 1.1046 points (-1.05%) at 104.2199
    • WTI Crude Oil (front-month) down $2.34 (-2.75%) at $82.81
    • Copper Futures down 11.3 (-2.5%) at 441.10
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